Cryptocurrency buyers in AAX are trying to find senior executives of the trade after its determination final month to halt withdrawals triggered a backlash amongst customers.

Hong Kong-headquartered AAX, which as soon as boasted 2mn customers, introduced with nice fanfare in 2019 that it was the primary digital asset trade to make use of the London Inventory Trade’s buying and selling know-how.

However AAX, which stands for Atom Asset Trade, halted buyer withdrawals on November 13 for what it known as momentary “scheduled upkeep” to “handle critical vulnerabilities”. Workers on the trade alleged the outage was brought on by liquidity issues.

The search, carried out by hundreds of customers via a number of Telegram messaging teams, underscores the rising desperation of buyers within the unregulated trade. In accordance with AAX customers, the trade has since didn’t course of buyer withdrawals, and workers instructed the Monetary Occasions that they had been disconnected from the corporate’s electronic mail programs.

The Hong Kong Financial Authority, the town’s monetary regulator, mentioned the trade didn’t fall below its purview, whereas the Securities and Futures Fee mentioned it didn’t touch upon particular person instances. AAX shouldn’t be one of many SFC’s few licensed digital asset buying and selling platforms.

Hong Kong is a crypto hub, housing workplaces of a number of teams, together with Sam Bankman-Fried’s FTX trade and his crypto buying and selling firm Alameda. Simply earlier than FTX’s collapse, Hong Kong had signalled plans to legalise retail buying and selling of crypto property.

AAX vice-president Ben Caselin mentioned on Twitter that he resigned on November 28, citing a lack of belief in administration. Caselin, one of many AAX executives that customers are trying to find to get better their funds, instructed the FT he was unable to assist.

He characterised his earlier function as a “spokesperson” who was uninvolved within the firm’s financials. Caselin added that he “felt very unsafe” in Hong Kong however declined to substantiate his location.

After withdrawals had been paused, AAX customers arrange Telegram teams to trade info and posted leaked footage of senior executives’ private identification paperwork to attempt to set up their whereabouts.

“I began to note there was one thing suspicious behind all this, so I did my very own investigation,” mentioned Mike Ong, a Singaporean monetary government who’s a part of one of many teams. “In that interval once they mentioned they had been doing upkeep, plenty of core administration began to delete their on-line presence.”

In November, AAX customers visited the Hong Kong workplaces however discovered them abandoned. Ong visited the trade’s Singapore co-working area however there have been no staff working. The Telegram teams now have hundreds of members, together with former workers who nonetheless have cash on the trade.

Some staff had been subsequently instructed by administration that a number of giant cryptocurrency holders pulled their funds from the trade within the wake of the FTX disaster. Their entry to the corporate’s electronic mail and Slack channels has since been disconnected.

AAX didn’t reply to a request for remark.

Customers are particularly trying to contact Victor Su, one of many trade’s predominant buyers thought-about a senior government, who was beforehand primarily based in Hong Kong.

Su refused to disclose his location to the FT and threatened authorized motion over “unrealistic experiences” that had been revealed towards him.

“I’ve not, and I can’t [abscond], I imagine that the regulation will give one of the best reply,” Su wrote in a textual content message on Wednesday. “I’m additionally an investor, and I’ve misplaced loads in it.” He didn’t elaborate additional.

“We’ll proceed to strain the senior executives via our [Telegram] teams,” mentioned one organiser of the person investigation. The teams have additionally been trying to report issues to police in Singapore, Taiwan and Hong Kong, however Caselin mentioned such efforts had been futile.

“Some individuals have requested me why I’m not submitting for a report with the Hong Kong police,” he wrote on Twitter. “First off, AAX is a Seychelles-based trade regardless of AAX’s roots in Hong Kong, so it’s ineffective.”

Video: Cryptocurrencies: how regulators misplaced management