Frustrated AAX clients stormed the Lagos office after the crypto exchange froze withdrawals. Speaking to local media, an AAX representative in Lagos confirmed that angry clients stormed the premises demanding an explanation of their funds.
While the representative failed to disclose that any AAX employee suffered assault, the Nigerian Blockchain Technology Association Stakeholders (SiBAN) lamented the November 28 incident. SiBAN pleaded with the crypto exchange clients to exercise patience as the operation halt affected the AAX workers equally.
In response to the incident, SiBAN appealed to and discouraged frustrated investors and users from victimizing and harassing AAX staff, management and ambassadors. The communication acknowledged the suspended withdrawals affected investors, users, and AAX employees. SiBAN admitted that AAX management and staff in Lagos were encountering strained contact with the headquarters.
Source of AAX Drama
The turn of events witnessed on November 28 is traced to the earlier announcement released by AAX to halt withdrawals. The statement conveyed two weeks earlier indicated that the crypto exchange was freezing withdrawals to undertake a system upgrade.
The communication assured the users’ community that suspending withdrawals was not prompted by the dramatic FTX collapse. Further, AAX dismissed its connection with the embattled crypto exchange.
AAX’s subsequent communication announced the crypto exchange was exploring sources of additional capital. The November 15 address by an AAX representative decried withdrawals from investors and concerns of further exit after FTX Group had filed for Chapter 11 bankruptcy.
Suspicious and Questionable AAX’s Decision
SiBAN’s commentary on the situation expressed concerns over the AAX’s system upgrade that coincided with the FTX collapse. SiBAN questioned the AAX argument of suspending withdrawals to upgrade the system since it could trigger user anxiety.
The remark expressed suspicion about the timing as the crypto industry was battling the contagion effect from the FTX collapse. The prolonged system upgrade elicited more questions from disgruntled users. SiBAN regretted AAX’s failure to honor the daily update. It accused AAX of neglecting its users, thereby breaking trust and confidence.
Vice President Exit
Beyond the criticism lodged by SiBAN towards AAX’s conduct, the crypto exchange’s questionable decisions were unmasked following Ben Caselin’s resignation on November 28. The executive’s exit heading global communications and marketing triggers speculation of AAX resuming operations.
Caselin lamented that AAX had misplaced priorities for not pursuing the well-being of its community. He affirmed that AAX rejected initiatives to protect the community. The rejection prompted the exit citing his role became hollow.
Further, the vice president differed with the AAX’s conduct during the issue. He considered the actions as opaque and lacking empathy.
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