Shuttered AAX Will Close Out Derivatives, Citing ‘Chance’ of Return to Normal

Nov 21,2022
KingData News: AAX will close out derivatives positions as it attempts to return to normal following a hack, the Hong Kong crypto exchange said in a statement posted Sunday. “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,” beginning 4pm UTC Monday and using prices listed on Binance, the exchange said. In a Nov. 15 statement the company said it hoped to raise further capital in order to reopen by the end of that week, and the exchange is still apparently holding out hope, saying on Saturday that it “has a chance of receiving sufficient funding and resuming normal operations over the coming weeks.”
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