AAX crypto exchange suspends activities citing third-party failure

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The Hong Kong-based crypto exchange AAX has suspended its activities after what it says is a third-party partner failure.

In a Sunday press release, AAX said, “In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges.”

“At AAX, we have always put our users first, and here we would like to share with you the following updates regarding our current situation. We are hopeful that as a community we can brave through these troubling times, together,” the press release continued.

AAX said that a system upgrade “that will help protect our users from the multiple malicious attacks that we’ve observed during this vulnerable time,” had been scheduled, but said that “Due to the failure of our third-party partner, some users’ balance data were found abnormally recorded in our system.”

“Hence, limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings,” the press release stated.

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