Another Crypto Exchange Suspends Withdrawal For Over 10 Days: AAXExchange
This year should be considered the wildest bear market season, in the history of crypto and its bear seasons, I am not sure there comes a year that comes close to this season, as lots of people have lost a lot of money from centralized crypto companies than actually losing in crypto. Investing in crypto is risky, but how do you explain to the public that where you stored your asset is what made you lose your assets? Just like storing your money in the bank and then losing it because the bank couldn’t give it back to you. Now you have yourself to blame and start wishing you had saved it in your house. Well in crypto you can save it in your house through cold storage. I’m sure most of us that were lucky to not have been in any of these disasters must have felt like God’s favorite.
Well, it could have happened to anyone, if FTX can collapse any crypto company can too. Binance is looking like the strongest crypto exchange currently, but I still don’t trust it, so for now only use Binance as a means to buy or sell crypto instantly, luckily for us we have the Defi option which is more convenient and decentralized. AAXExchange, an Asian crypto exchange company announced about 14 days ago that it will be suspending withdrawals, because FTX collapse affected the crypto industry greatly. Yeah, FTX caused a lot of people to start doubting centralized exchanges, everyone is becoming vigilant now about storing their assets on centralized exchanges. Although this has caused FUD as a lot of people wasted no time in tagging crypto a Ponzi scheme.
The concept of cryptocurrency is to create decentralization and transparency, but unfortunately a lot of bad players have flooded the environment making it seem like a Ponzi scheme. Times like this are vital to get rid of the bad players and steer us towards the decentralized direction. Only if we are willing to follow that, because I have this feeling that we might just forget about the crypto exchange collapse in the future when things start going well for crypto exchanges.
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