The Vice President for Global Marketing and Communications at crypto exchange AAX, Ben Caselin, has resigned. The exchange has been shuttered after a malicious attack rendered it impossible to verify customer balances or allow withdrawals. “AAX stood for something, but it’s all hollow now,” he observed.
The Hong Kong-based exchange had halted operations, citing a scheduled upgrade that had been pushed back due to volatile market conditions. Later, it declared its intention to close out derivatives contracts. AAX clarified that it had no financial exposure to FTX or its affiliates.
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Ben Caselin explained why he decided to leave his position at the crypto exchange, stating that despite his efforts to fight for the community, “none of the initiatives we came up with were accepted.”
Caselin regarded the exchange’s actions as “without empathy” and “overly opaque.”
Despite the current situation, the former AAX executive believes that things will be handled with good intentions but that the damage has already been done. “The brand is no more and trust is broken,” he wrote.
