Nov 29, 2022•2 min read
Ben Caselin, a former executive at AAX, claimed that the brand's reputation has been damaged and that his position at the company is now meaningless.
The vice president for global marketing and communications of the AAX exchange announced his resignation from his position at the cryptocurrency exchange weeks after the company began to halt withdrawals.
Ben Caselin revealed the reasons for his decision to leave the company and his position in a thread on Twitter. Caselin claims that despite his efforts to advocate for the community, the ideas they came up with were rejected. The executive said his communication position became "hollow."
The former AAX executive also voiced his disapproval of how AAX handles the situation. The behaviors of the exchange, according to Caselin, were "without empathy" and "overly opaque."
The former executive noted that numerous people, including some of his family members, have requested for assistance during the withdrawal halt. But Caselin wrote that there was nothing he could do right now and that everyone is waiting for news from the exchange.
Despite the present situation, the former AAX CEO is optimistic that everything will be handled fairly, but he also pointed out that the harm is already there. He wrote, "The brand is no more, and trust is broken.
The AAX exchange began halting withdrawals on November 14 due to a system update bug that needed to be fixed. The exchange reassured its customers that the withdrawal freeze had nothing to do with the ongoing FTX collapse and that they had no financial ties to the troubled FTX exchange.
Following the news, the AAX team made clear that further funding is required because its investors have chosen to pull their money out of AAX due to the FTX crash. The exchange explained that this puts them at risk of a capital deficit, which they must address before starting their regular operations again.
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