Multiple Crypto Exchanges Suffer from FTX’s Aftermath

The crash of bankruptcy from the crypto exchange FTX escalates to the crypto industry. Huobi-related subsidiary is the latest victim.



Citing “Failure to withdraw cryptocurrency assets from crypto exchange FTX”, Hong Kong-listed company New Huo Technology Limited (HKEX: 1611) announced inside information Monday that around $18.1 million worth of cryptocurrencies owned by its subsidiary Hbit Limited, are deposited in crypto exchange FTX, per the latest announcement published on Hong Kong Exchange.


Among 18.1 million capital, around $13.2 million is “client’s asset based on the client’s trading request and approximately USD4.9 million is asset of Hbit Limited”. The listed company warned that the crypto assets “may not be able to be withdrawn from FTX” due to the filing of bankruptcy protection declared by FTX on Nov 11, which is suffering from a liquidity crunch.


The board of the company emphasised will continue to provide compliant, professional and safe virtual assets financial service to clients:


“The Board is of the view that the Incident currently does not affect the normal business operations of the Group. As Hbit Limited is legally and operationally separated from other business entities of the Group, other assets and business lines of the Group will not be affected.”


The Board acknowledged its financial performance could be affected if “the incident is not solved.”


Meanwhile, another Hong Kong-based crypto exchange AAX is also suffering from the recent turmoil. AAX said Sunday that the exchange continues the suspension of withdrawals for seven to ten days due to “a scheduled system upgrade”, to protect users from the malicious attacks


Ben Caselin, AAX Vice President, tweeted on early morning Monday, acknowledge this is “bad timing for a scheduled maintenance at @AAXExcahnge,” adding that the exchange “aimed to address serious vulnerabilities, to be prolonged for more than 24 hours. Out of extra precaution this will take longer,” urging the public to allow AAX to open up gradually.


However, AAX emphasized that the exchange has no financial exposure to FTX or tis affiliates, and its digital assets remain intact with a significant amount stored in cold wallets, according to the statement.


FTX filed bankruptcy protection last Friday after its exchange experienced a critical liquidity crunch, as its native token FTT experienced a massive price plunge. FTX failed to conduct an acquisition by its major competitor Binance , citing… .


Reportedly FTX was accused of unauthorizedly using its client’s capital to foster its sister trading Alameda Research. In addition, FTX also suffered from a hacking incident last Friday, over $600 million was bleached from its crypto wallets. Founder and former CEO Sam Bankman-Fried has stepped down.



Image source: Shutterstock


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Banxa’s Partners with AAX to Allow Purchase of Crypto with Fiat and Vice Versa

On-and-off ramp Web3 solution Banxa’s new partnership with cryptocurrency exchange AAX now allows customers to purchase crypto with fiat and vice versa. - 2022-06-23T161306.769.jpg

“Partnering with Banxa to offer more options around the on and off-ramps into crypto and strengthen crypto-to-fiat liquidity is a crucial part of AAX’s expansion work, especially as we engage the mainstream and enter new market frontiers,” said Ben Caselin, Head of Research and Strategy with AAX.

AAX was one of the first crypto exchanges to switch to the Satoshi Standard (SATS) to drive bitcoin adoption. 

The SATS was created after heavy demand from the crypto community for an alternative unit. Satoshis or SATS are the smallest units of cryptocurrency bitcoin (BTC), and 1 BTC is equal to 100,000,000 SATS.

Through Banxa, customers can utilize local payment and banking options with less friction, fewer fees, and better fraud protection.

The partnership will also help Banxa customers to benefit from the highest conversion and lowest fees on AAX for the broadest range of currencies and payment methods using credit cards and direct bank transfers in Tokyo, Korea and Brazil. 

Furthermore, customers can use Banxa on AAX with BTC, ETH, SOL, DOT, BNB & 49 other cryptocurrencies and local payment options.

However, currencies available for cashing out of crypto at this time include GBP, AUD, USD, and EUR.

Image source: Shutterstock


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Cryptocurrency Exchange AAX Bags Global Digital Finance (GDF) Membership

Popular and reputable cryptocurrency exchange and financial services provider AAX has joined Global Digital Finance (GDF) to play a key role in the adoption of key practices and conduct standards for digital assets, cryptocurrencies, and financial technologies.


In an official announcement made today, major cryptocurrency exchange and financial services provider AAX stated it had become a member of the industry membership body dubbed GDF to promote the adoption of key practices in the rapidly growing digital asset industry.

Further, AAX will also play a crucial role in conducting standards for digital assets and other emerging financial technologies.

For the uninitiated, GDF already comprises of several influential players in the cryptocurrency industry such as Circle, Coinbase, Consensys, Diginex, R3, and Solidus Labs. In addition, the industry body boasts of prominent financial players such as ING Group and London Stock Exchange Group among its members.

The aforementioned members – now also including AAX – regularly convene to brainstorm new ideas, practices, and conducts along with market participants such as policy makers and financial regulators.

Moreover, AAX has successfully registered its self-attestation which is a testimony to the exchange’s unyielding commitment to uphold industry standards, market integrity, and other regulatory laws.

Commenting on the development, Ben Caselin, Head of Research and Strategy, AAX, noted:

“AAX was built in anticipation of increased institutional participation in the crypto markets, and the expectation that standards around performance, security and integrity would be raised in the face of mainstream adoption.”


“We believe the lasting success of any attempt to promote codes of conduct, as well as the efficacy of research in advancing discourse, to be dependent on the extent to which these efforts are community-driven and inclusive of a wide array of perspectives. GDF has gained credibility in the crypto community as well as with regulators and policy makers. As such, GDF provides a unique meeting point for various stakeholders and we’re excited to be part of the conversation.”

Powered by London Stock Exchange’s breakthrough LSEG technology, AAX offers a wide array of cryptocurrency products such as futures contracts, over 50 spot pairs, P2P fiat trading, saving products, and more.

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