Abstract:According to Nigerian media, irate customers of the ailing cryptocurrency exchange AAX stormed its local headquarters, attempting to reclaim their funds after the business ceased operations earlier in November.
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.”
You can find out more of AAX news here: https://www.wikifx.com/en/dealer/3801739622.html
Stay tuned for more Forex Broker News.
Download the WikiFX App from the App Store or Google Play Store to stay updated on the latest news.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The robust inflation figures released on Wednesday led to significant gains for the US Dollar (USD) relative to its competitors. Following the conclusion of its April meeting on Thursday, the European Central Bank (ECB) will make announcements regarding its monetary policy. Meanwhile, the US economic docket will include the Producer Price Index (PPI) figures for March along with the weekly data on Initial Jobless Claims.
The Central Bank of Nigeria (CBN) should issue a directive mandating non-oil exporters to hold foreign currencies for a minimum of 48 hours, according to a proposal made by the Association of Bureaux de Change Operators of Nigeria (ABCON).
In a distressing turn of events, Mr. Ninonuevo, a 54-year-old investor from the Philippines, finds himself embroiled in a financial quagmire after transferring his accounts from Vllado to Orfinex, only to face rejection of Know Your Customer (KYC) procedures and subsequent withholding of funds by the latter. This alarming revelation has left Mr. Ninonuevo and other members of Intersphere Enterprises (ISE) in a precarious position, unable to access their transferred funds as initially promised by Orfinex.
After a puzzling hiatus, prop trading giant The Funded Trader resurfaces with cryptic signs of a potential relaunch, amidst mounting user concerns and a cloud of uncertainty.