A Hong Kong cryptocurrency exchange has become the latest casualty of FTX’s collapse this month, leaving thousands of investors and clients in limbo and revealing the city’s exposure to a market it has recently sought to better regulate. Atom Asset Exchange (AAX) has effectively shut down after it deleted its social media accounts and froze withdrawals this month, with the team now incommunicado. Angry investors have formed several group chats on Telegram titled “AAX users defending rights”, with each drawing more than 1,000 users demanding to know the AAX team’s whereabouts. Adding to its troubles, a former executive, who this month attended Hong Kong FinTech Week, revealed on Twitter on Monday that he had resigned, saying he was “fighting for the community but none of the initiatives we came up with were accepted”. “The way things are handled is without empathy and overly opaque,” wrote Ben Caselin, AAX’s former head of research and strategy. “I still believe things will be handled without evil intentions, but the damage is done. The brand is no more and trust is broken.”
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