HK AAX has losses at 10kM trading unit

Hong Kong cryptocurrency exchange AAX has been hit by losses at 10kM trading unit, ex-employee says

• AAX’s problems have been linked to failed FTX, where the company held some of its money
• AAX has effectively shut down after it deleted its social media accounts and froze withdrawals this month, with the team now incommunicado

Hong Kong cryptocurrency exchange Atom Asset Exchange (AAX), which ceased withdrawals this month and closed its social media accounts, has been hit by losses from affiliated trading unit 10kM Trading, according to a former employee familiar with the matter, at a time when markets are reeling over FTX’s global collapse due to losses at Alameda Research.

This employee, who left the company recently and who declined to be named because he is not authorised to speak with the media, said the exchange’s troubles had been partly caused by trading strategies and risk management practices at AAX’s market maker 10kM Trading, which AAX set up in 2019.

AAX’s problems have been linked to FTX, where the company held some of its money, but troubles at the Hong Kong-based firm began even before FTX’s US bankruptcy filing on November 11, according to the former employee.

His claims could not be independently verified. 10KM refuted the claims in an unsigned email, saying the company is “an independent entity” and is “not suffering from severe trading losses”. The firm has no impact or influence on AAX, it added. The company did not leave a name or contact number.

AAX was not reachable, and the company’s main office in AIA Tower in North Point was closed during a visit on Tuesday afternoon.

後話

據新聞，該公司已暫停提款的香港加密貨幣交易所 AAX，連日來疑似惡意倒閉的行為，引起用戶集體憤慨。該平台前副總裁昨日受訪時也表示：AAX 目前更可能解散，而不是恢復營運；且報警也沒用，因為他們沒有登記在香港。