Former AAX executive Ben Caselin stated that his role in the company had become hollow and that trust in the brand had been broken.
Weeks after the AAX exchange began suspending withdrawals, its vice president for global marketing and communications announced his resignation from the cryptocurrency exchange.
Ben Caselin confirmed his departure from the firm in a Twitter thread, detailing his reasons for leaving the crypto exchange. Despite his efforts to fight for the community, Caselin claims that the initiatives they developed were not accepted. The executive described his communications role as “hollow.”
The former AAX executive also expressed his dissatisfaction with the company’s handling of the situation. Caselin described the exchange’s actions as “without empathy” and “overly opaque.”
During the withdrawal halt, the former executive also stated that many people, including some of his family members, had approached him for assistance. However, Caselin wrote that there was nothing he could do at the time and that everyone is waiting for the exchange to produce results.
Despite the current situation, the former AAX executive believes that things will be handled properly, but that the damage has already been done. “The brand is no longer there, and trust has been broken,” he wrote.
The AAX exchange halted withdrawals on November 14, citing the need to fix a glitch in its system upgrade. The exchange assured its users that the withdrawal halt had nothing to do with the ongoing FTX collapse and that they had no financial exposure to the beleaguered FTX exchange.
Following the announcement, the AAX team stated that it requires additional capital because its investors have decided to withdraw funds from AAX as a result of the FTX collapse. According to the exchange, this puts them at risk of a capital deficit, which they must correct before resuming normal operations.