Why Did Amid FTX Collapse? Hong Kong-Based Crypto Exchange Announce Exchange Suspensions, Reason!

Digital currencies and cryptocurrencies have become one of the main ways to make and spend money. Regardless of who has certain issues with the current state of the cryptocurrency market, cryptocurrencies are causing massive downfalls, as many have reported. The cryptocurrency exchange market from Hong Kong has now announced that the company called AAX is now down after a massive crash. This happened this week and people lost a lot of their liabilities and expenses. The company is in charge and they have said something about the issue. Let’s learn more about this crash.Follow our website gossip world media Get the latest updates! ! ! !

Hong Kong-based crypto exchange announces suspension of exchanges

Why is it crashing in FTX?

When the market crashes, cryptocurrencies also often lead to crashes, this time the Hong Kong company known as AAX is believed to have collapsed and the company marketing team or team in general said they were faulty on the third party side, which was seen by users this week. arrive. The team also added that users frequently reported failures this week, and that the balances of users who reported issues recorded incorrect data or balances and scheduling system upgrades. This has been reported by many cryptocurrency users on the AAX user list, while many others have also stated that cryptocurrencies are also frequently malfunctioning.

Hong Kong Crypto Exchange Announces Suspension of Trading

The company itself released a statement saying Tech Tea was dealing with what was going on around it, adding that they were manually proofreading the data of users who sent complaints. The company also added that the system will restore or redirect users’ maximum data as quickly and in short order as possible, and their work will also be performed with maximum accuracy. The statement came on Sunday after many users complained to the company after the crash and, after the update, errors in the accuracy of their balance loading.

Among the reasons why FTX crashed

The company also added that due to the precision of their work, it may take a week or 10 days to fully restore data or user balances, and the company will also do its best to resume normal operations. Since the operation is continuous and data recovery is also carried out simultaneously, the process can be extended to a period of 10-7 days, and the company guarantees that the work will be done with the utmost accuracy. , sometimes it takes time to read the data manually, that’s why the company asks for a data recovery time of around 10 days.

The statements came shortly after AAX President Ben also tweeted that they would be addressing the issue and taking a cautious approach. FTX also crashed, and AAX also issued a statement shortly after news of the FTX crash broke. 11thday News of the November crash of Chapter 11 bankruptcy emerged, leading to multiple accounts in the U.S. cryptocurrency crash. At the same time, CEO Sam Bankamn resigned from his post, which also caused huge tension among users. One of the reports claimed about $600 million in losses or unauthorized transactions, which were calculated but not reported by the company.

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