After suffering a cyberattack, the cryptocurrency exchange in Hong Kong is working toward the goal of raising sufficient funds to enable it to resume operations.
The Hong Kong cryptocurrency exchange AAX announced in a statement that it would terminate off derivatives positions as part of its efforts to return to normal after a breach. The statement was published on Sunday.
Beginning at 4 pm UTC on Monday, the exchange stated that, “in order to protect the rights and interests of users, during the system maintenance period, AAX will automatically liquidate all futures positions on the platform” using prices that were listed on Binance. This announcement was made by the exchange.
In a statement that was first published on Saturday, AAX revealed that it planned to go through with its decision to terminate all derivatives contracts. The cryptocurrency exchange has been down since the 13th of November due to a malicious assault that rendered it unable to verify the client balances or permit withdrawals.
The company issued a statement on November 15 stating that it hoped to raise additional funding in order to reopen by the end of the following week. The exchange is still apparently holding out hope, as it issued a statement on November 17 stating that it “has a chance of receiving sufficient funding and resuming normal operations over the coming weeks.”
The action comes at a time when cryptocurrency markets are experiencing turbulence after the collapse of FTX, whose assets seem to have also been stolen.
