Customers From Nigeria Storm AAX's Local Office After Withdrawals Are Halted

Customers in Nigeria who had invested with AAX, according to reports, invaded the AAX Lagos headquarters and harassed the workers. A local crypto industry group asked irate customers to be patient with the exchange's personnel, who were also not paid once withdrawals were suspended.

“As a result, we urge to and discourage any unhappy or furious user or investor from harassing or victimizing the AAX Country Manager (Nigeria), other local staff members, and AAX ambassadors countrywide,” the Nigerian Blockchain Technology Association Stakeholders (SiBAN) said. These people are in the same boat as unhappy consumers and investors. At the time of writing, we are aware that contact between these individuals and AAX headquarters has been similarly difficult. As a result, we ask all Nigerian AAX users to be understanding and patient.

The attack comes three weeks after the Hong Kong-based business suspended customer withdrawals on its platform. At the time, AAX said that the action was not part of a larger restriction on operations in the aftermath of competitor FTX's bankruptcy, which has created industry disarray. It further acknowledged that it has no financial ties to FTX or its subsidiaries.

Instead, the crypto exchange blamed a third-party partner's mistake, which led certain customers' balance data to be incorrectly recorded when arranging a system update. As a result, AAX suspended its services to avoid future dangers, while the technical staff manually reviewed and restored the system to assure the correctness of all users' holdings.

AAX also said that it anticipates normal operations to resume for all customers within 7-10 days, but that its personnel would then manually analyze the withdrawal requests one by one in collaboration with the security, operations, and compliance teams. However, as events unfolded, the exchange admitted that it was facing an unprecedented crisis, putting severe strain on AAX's financial situation.

In the most recent twist, AAX said that it has to obtain more funds in order to restart operations. “While this is certainly a very tough climate in which to secure additional money,” the company asserts, “the sum is not big by market standards.”

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