AAX hopes to resume business as usual

by
DeFi
AAX hopes to resume business as usual

Atom Asset Exchange, AAX has reiterated its commitment to initiating legal procedures to secure and ensure the distribution of assets in its new update. If it can inject additional capital by the end of this week, AAX should be able to resume services as usual.

AAX predicts a bounce back

Popular cryptocurrency exchange AAX has released an update of its activities, revealing its action plan for stabilizing its operations amidst a turbulent crypto market. The update was published on AAX’s official website.

“We want to provide our users, team, and partners with an update on the situation at AAX – and how we are taking action to stabilize the operations of the exchange and move toward opening up withdrawals as soon as possible. Protecting user accounts and assets is our top priority”.

The prominent digital asset platform announced.

Affected by the prevalent gloomy crypto climate, AAX suspended withdrawals on its platform earlier this week. However, in its latest press release, AAX has said it believes it has the potential to pull through during “this incredibly difficult time for the entire market”. The platform has promised to get its users and team, as well as user funds and business, out of the downtime, safe and intact. It also plans to chart a pathway toward restoring trust in future.

“We recognize the concern that our users feel and are fighting every step of the way to protect our community and ensure we can come out of this predicament together.”

AAX wrote.

AAX bends under acute market pressure; calls for “additional capital”

Following the collapse of FTX, AAX revealed that its technical team observed abnormalities in its systems with clear malicious intent, which led to the halting of its activities and withdrawals on its platform due to security reasons. This has led to several unprecedented developments that put acute pressure on AAX’s capital position. 

“In order to replace the capital needed to resume all our services, AAX will need to raise new capital. While this is clearly a very difficult environment in which to raise new capital, the amount is not large by market standards,”

AAX announced.

Fortunately, the platform’s existing shareholders have risen to its rescue, contributing the much-needed “additional capital” over the past week enabling the firm to secure interest in new investments. At this stage, AAX believes it is in a good position to get its operations and services fully up and running. Reassuring its users, AAX affirmed:

“We will continue to work tirelessly to bring in more capital from within our network and across the industry. If we are able to inject additional capital by the end of this week, AAX should be able to resume services as usual. This will be announced along with follow-up plans to get back our momentum.”