AAX cryptocurrency exchange suspends withdrawals

The Hong Kong-based cryptocurrency exchange announced that they would suspend withdrawals, which they claimed was due to a system upgrade that went poorly. They've estimated it will taken seven to ten days for normal service to resume.

Users have been hesitant to believe this explanation, given the enormous shakeup in the industry lately, and the tendency for firms to be less-than-forthcoming when they are in major crisis.

Three days prior, the company had published a blog post claiming that AAX had no exposure to FTX and its affiliated companies, that AAX had stable reserves, and that user funds were never exposed to counterparty risk.