AAX vice president for global marketing and communications, Ben Caselin, announced his resignation from the cryptocurrency platform weeks after it had blocked withdrawals, it was confirmed in a statement.
Caselin stated in a Twitter thread that he had resigned, citing failed initiatives to fight for the crypto community. He added his position as a communications chief became “hollow” due to the failed efforts.
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.
— ₿en Caselin HODL (@BenCaselin) November 28, 2022
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He continued, stating: “I placed a lot of trust in this exchange as well and used it as a platform to educate. The way things are handled is without empathy and overly opaque.”
He added that many people hit by the freeze on withdrawals asked him for assistance, but he could not help them and others continued to wait for the exchange to take measures to resolve the issue.
He concluded: “During these years, AAX stood for something, but all that is now hollow. I have disabled a lot of my social media because too many people believe I can solve the issue, but I cannot. This is for the founders and board. I will continue to follow. And continue to hope.”
Another Exchange Capital Crunch?
The news comes after the cryptocurrency exchange platform announced it required additional capital due to the ongoing FTX bankruptcy, which could potentially trigger a capital crisis in the company.
The exchange stated it would have to resolve the deficit before reopening transactions.
It concluded: “In spite of the threats to our systems that we have observed from malicious actors, we are committed to starting to process withdrawals as soon as we have resolved the capital shortfall. Other issues surrounding open positions on derivatives markets, or questions around reward programs will be dealt with fairly and with reason.”
