According to the AAX exchange, the temporary suspension of services is the consequence of a system update bug
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On November 13, the crypto community claimed to have seen a "System upgrade notification" message informing them that withdrawals would be delayed because a system upgrade "is taking longer than normal." Others were concerned that the exchange would become the third domino after FTX and BlockFi.
The exchange thinks it is reasonable that users would have panicked when withdrawals were stopped on November 13. However, the services were temporarily suspended to address a bug in a system upgrade. The platform is unrelated to the ongoing effects of FTX's demise, and any claims to the contrary are untrue.
In a tweet on November 13, AAX Vice President Ben Caselin recognised the upgrade's unfortunate timing but stated that it was intended to solve "serious vulnerabilities." He said,
"Bad timing for a scheduled maintenance at @AAXExchange, aimed to address serious vulnerabilities, to be prolonged for more than 24 hours. Out of extra precaution this will take longer. Wait for official announcement."
Caselin also comments that the task was challenging while the market was fearful.