In a Twitter thread, Ben Caselin confirmed that he had left the company and outlined why he made this decision.
According to Caselin, despite his efforts to fight for the community, the initiatives he “came up with were accepted”. The CEO described his role in the company as having become “hollow”.
The former AAX executive also expressed disagreement with the way AAX is handling the matter. Caselin described the exchange’s actions as “without empathy and overly opaque.”
While withdrawals were halted, Caselin also emphasized that many people, including some members of his family, had asked him for help. However, the former executive said there is nothing he can do at the moment and everyone is waiting for the exchange’s action.
Despite the current situation, he believes things will be resolved with no intention of causing harm, but noted that damage has already been done, “the brand is no more and trust is broken,” he wrote.
On November 14, the AAX exchange began suspending withdrawals, citing a need to fix a problem during a system upgrade. The exchange assured its community that the withdrawal halt has nothing to do with the ongoing FTX collapse and stated that it poses no financial risk to FTX.
Following the announcement, the AAX team emphasized that they needed more capital as their investors had decided to withdraw due to the collapse of FTX, leading to the risk of a capital shortfall, which they had to fix before operating normally.
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