VP of AAX speaks out against handling of company bankruptcy decision

Vice President of the Hong Kong exchange AAX, Ben Caselin, has announced that he has resigned.

Hong Kong exchange AAX VP BEN said that he had resigned. A screenshot shows that AAX HR stated that the company has decided to dissolve (bankruptcy and liquidation), employees can only guarantee salaries in November, and users’ assets on the platform may only be returned half.

— Wu Blockchain (@WuBlockchain) November 28, 2022

According to reporter Wu Blockchain, a screenshot was released detailing the company’s decision to declare bankruptcy and liquidate. The caveat that accompanied this decision was that employees will only see November salaries guaranteed while users only able to retrieve half of their assets from the platform.

Dear all, it’s true I have resigned from AAX. I did fight for the community but none of the initiatives we came up with were accepted. Any role I had left for communication became hollow.

1/4

— ₿en Caselin HODL (@BenCaselin) November 28, 2022

Caselin said in his own thread that he had “placed a lot of trust in this exchange” and described the way AAX handled the situation as “without empathy and overly opaque.”

“People, including my own family ask me for help, but there is nothing I can do. Everyone is waiting on actions. I still believe things will be handled without evil intentions, but the damage is done. The brand is no more and trust is broken.”

Caselin concluded by explaining that he has disabled “a lot” of his social media as interested parties reach out to him for solution.

“…People believe I can solve the issue, I cannot. This is for the founders and board. I will continue to follow. And continue to hope.”

Journalist at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.