AAX crypto exchange VP Ben Caselin resigns amid liquidity crisis

Ben Caselin has resigned from his post as vice president of global marketing and communications at the crypto exchange platform AAX.

Caselin’s departure comes two weeks after the crypto exchange halted operations. AAX reportedly suffered a malicious exploit that saw it unable to verify the account balances of its customers. The Hong Kong-based platform has since liquidated the crypto futures trading positions of all of its customers. AAX said the move was necessary to “protect the rights and interests of users.”

Caselin is critical of the steps being taken by AAX. “The way things are handled is without empathy and overly opaque,” said Caselin in a statement on Monday. The former AAX executive said the crypto exchange had broken its trust with customers and that “the damage is done.”

AAX’s current liquidity issues are linked to the demise of FTX. AAX previously stated that it experienced massive withdrawals following FTX’s bankruptcy and it was facing a capital deficit.