TechFlow news — AAX has released an update stating that AAX is under significant financial pressure. To restore all services, AAX will need to raise new funding. While this is clearly a very challenging environment in which to secure fresh capital, the required amount is not substantial by market standards. Existing shareholders have already injected additional funds over the past week, and AAX has secured interest from new investors.
If AAX can secure additional funding before the end of this week, it should be able to resume normal operations. If AAX fails to obtain the necessary capital to restart operations, AAX commits to initiating legal procedures to ensure proper asset distribution, and will continue communicating with its global user base and relevant stakeholders regarding further details.
Additionally, regarding the suspension of all operations, AAX emphasized that no funds have been compromised, its held assets are not under threat from hackers, and any issues faced are unrelated to AAX's matching engine. Regarding financing, AAX stated that after the suspension of withdrawals, some investors expressed their intention to withdraw funds from AAX, putting AAX at risk of a capital shortfall. This deficit must be addressed before AAX can regain sufficient strength to resume normal operations and ensure liquidity and continuity.
Earlier reports indicated that AAX exchange suspended all operations, citing "a need for 7–10 days to reconcile and restore user assets."Original link
