AAX’s partner Victor Su ran away with the money and AAX exchange could face bankruptcy. The assets of about 2 million Taiwanese users are trapped on the platform in fear of losing everything.
On November 28, AAX rights protection channel reported that the exchange’s partner and key holder, Victor Su (Su Weiyi), “definitely absconded with the money” and more than 2 million users of the exchange lost money.
The collapse of FTX has engulfed the growth of the crypto industry. Followed by a series of crypto companies, investment funds and exposed projects are all struggling. AAX, another virtual currency exchange based in Hong Kong, has announced that the site will stop withdrawing user funds from November 13 and will be closed for at least 7 to 10 days.
As was updated in an earlier Coincu News article, on November 28, AAX Vice President Ben Caselin resigned amid bankruptcy rumors with an attitude of helplessness as his proposals were not accepted, which is increasingly worrying users.
However, bad news came soon after, AAX’s Partner Victor Su ran away with the money and AAX is likely to declare bankruptcy in the near future. The assets of about 2 million Taiwanese users are trapped in fear that they will lose everything.
Users of the exchange are becoming desperate when they cannot contact Victor Su. It was even alleged that this was the plan he had hatched from the beginning.
AAX initially suspended exchanges due to a technical error by a third-party service provider without mentioning the impact of FTX. However, on November 15th it released a notice acknowledging that the exchange is currently facing “capital pressure” and to restore normal services and needs to raise new capital from outside.
For more updates about AAX News, please check out this article about the Shareholders’ Structure.
This story is still in progress, our team is gathering more pieces of evidence. Please stick with us for more details.
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