Why Did Amid FTX Collapse?
Crypto often led to a crash when the market crashes as well, this time the Hong Kong company called AAX was seen to have crashed and the company marketing team or the team, in general, said that they has a failure in the third party which was seen by the users this week. The team also added the failure was often reported by the users this week and that the balance of the users who reported issues recorded improper data or balance as well in the scheduling system upgrade. This was reported by many of the users of the crypto in the AAX users list while many others also said that the crypto was often glitching as well.
Hong Kong-based Crypto Exchange Announce Exchange Suspensions
A statement was also released by the company itself which stated that the technical tea is taking care of the thing happening around and they also added that they are manually proofreading the data of the users who have sent their complaints. The company also added that the system will revert or redirect the maximum data of the users as soon as possible and in short term as well, and they also will have maximum accuracy in their work. This statement was released on Sunday after many users filed a complaint to the company after the crash occurred and after the update, there was an error loading the accuracy in their balance.
Amid FTX Collapse Reason
The company also added that as there will be precision in their work, it might take one week or 10 days to restore the data or the balance of the users completely, the company will also do their best to resume regular operations as well. And as the operations are continuous and there will be data restoration as well which will go hand in hand, the process can be extended up to 10-7 days’ time and the company assures that the work will be done with utmost accuracy., sometimes reading the data manually can take time and that is the reason why the company asked for some days about 10 days’ time for data restoration. These statements were released soon after AAX president ben also tweeted by saying that they will look after the issue and cautions will be taken as well. FTX as well collapsed and AAX released statements soon after FTX collapsed news came up as well. On the 11th of November crash news of Chapter 11 bankruptcy came up leading to serval accounts in the crypto crash in the US. In the meantime, Sam Bankamn, who is the CEO resigned from his position as well leading to massive tension between the users. One of the reports claimed that there was about 600 million loss or unauthorized transactions and this was the loss calculated but reported not by the company.
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