Weeks after the AAX exchange began halting its withdrawals, its vice president of global marketing and communications announced that he has resigned from the crypto exchange.
In a Twitter thread, Ben Caselin confirmed who has left the company and highlighted the reasons why he decided to leave his position at the cryptocurrency exchange. According to Caselin, despite his efforts to fight for the community, the initiatives he put forward were not accepted. The executive described his role in communications as becoming “hollow.”
The former AAX executive also expressed his disagreement with the way AAX is handling the issue. Caselin called the exchange’s performance “without empathy” and “too opaque.”
In the midst of the stoppage of withdrawals, the former executive also highlighted that many people, including some of his relatives, have asked him for help. However, Caselin wrote that he could not do anything at the moment. and that everyone is waiting for the exchange’s actions.
Despite the current situation, the former AAX executive believes things will be handled without ill intent, but noted the damage has already been done. “The brand no longer exists and the trust is broken”, wrote.
On November 14, AAX initiated the suspension of withdrawals, citing the need to fix a bug in its system update. The exchange assured its community that the withdrawal disruption had nothing to do with the current FTX crash. and said they have no financial exposure to FTX.
Following the announcement, the AAX team highlighted that it needs additional capital as its investors have decided to withdraw their funds from AAX due to the FTX collapse. The exchange explained that this puts them at risk of a capital shortfall, which they have to fix before resuming normal operations.
Cointelegraph has reached out to the AAX PR team, but has yet to hear back.
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