24,000 ETH Withdrawn from Bankrupt AAX Exchange

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Analysts at Cyvers Alerts has uncovered a series of questionable transactions potentially linked to the illegal transfer of 24,000 ETH (worth approximately $69.6 million at the time) from the now-defunct Bitcoin exchange AAX.

Following the collapse of FTX, which occurred in November 2022, AAX announced a suspension of withdrawals due to routine maintenance.

The exchange reassured users that this was not a result of the downfall of Sam Bankman-Fried’s business empire.

However, on November 21, AAX surprised users by automatically closing all futures positions, citing ongoing maintenance.

This turned out to be the exchange’s last communication on social media. By the end of the month, reports emerged that AAX was facing potential shut down. On December 16, AAX’s website and app from the Hong Kong-based exchange went offline.

Cyvers Alerts experts noted the withdrawal of 24,000 ETH from an alleged AAX wallet at the end of January 2024.