The exchange has suspended withdrawals and is seeking additional capital.
The marketing and communications exec has decided to leave the platform's ranks.
The crisis triggered by the collapse of the FTX cryptocurrency exchange is taking another grim toll. Two weeks after AAX cryptocurrency exchange halted the withdrawal of funds belonging to customers, Ben Caselin, the Deputy Director of Communications and Global Marketing, has decided to resign from his post.
According to a Twitter thread in which Caselin confirms leaving the cryptocurrency exchange, the actions taken by the platform are unacceptable. His role in communicating with customers and the cryptocurrency community has become 'hollow'.
"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," Caselin commented.
Caselin "put a lot of trust in the platform," but it is now being coordinated "without empathy" and not in line with his vision. He keeps hoping that the problems will be resolved, but the damage done is irreversible. He stated, "the brand is no more and trust is broken."
A number of people, including family members, have approached Caselin directly for help in disbursing funds. However, as he admits, he was unable to solve the problem.
AAX Problems Arise After FTX Collapse
AAX exchange's problems were first reported in mid-November when it began to halt withdrawals. At the time, it was explained by a glitch that must be corrected. However, a few days later the company published another official statement suggesting that the platform needed additional capital due to widespread market panic. Following the collapse of FTX, customers decided to withdraw their funds en masse, which increased liquidity risks. The situation is unacceptable for the exchange's operator and must be resolved before it can return to normal activities.
"Our team has met with over 50 interested investors in the past week, a few of whom entered the critical stages of our negotiation. These prospective investors need more time to evaluate the situation of AAX and do their due diligence. AAX has a chance of receiving sufficient funding and resuming normal operations over the coming weeks based on the best estimation. This is the best outcome for all AAX partners and users," AAX commented last week.
AAX is just one of many companies that FTX's bankruptcy and the subsequent crisis have scarred. The end of Sam Bankman-Fried's empire has translated into a decline in the value of major cryptocurrencies, including Bitcoin (BTC), which currently costs a little over $16,000.
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