- Embattled AEX exchange has added a new solution for customers to retrieve trapped funds.
- The new solution by AEX will be executed by a third-party law firm and a third-party management company.
- Customers are free to choose between the new solution and the existing “soft payment” strategy.
Embattled cryptocurrency exchange, AEX, has provided an additional solution for customers whose funds are trapped on its platform. According to an announcement on its website, this latest solution is an option added based on the previous one released last month. AEX claims that the essence of this option is to increase customers’ choices and speed up the process of retrieving their funds.
The additional solution involves three specific measures that AEX believes will further simplify the retrieval exercise. It hopes that by adopting these measures, the rights and interests of its customers will be better protected under the current situation.
Measures taken by AEX include transferring part of the project rights to the client at a lower discount using a third-party law firm and a third-party management company. This will cover those rights that are expected to be relatively predictable.
Customers choosing this option will be required to sign the equity purchase contract provided by the company with their real name. They will also complete a “Qualified Investor Questionnaire” before sending a specified amount of AUSD to a black hole address for destruction based on a set of newly designed rules.
AUSD destruction will be in batches that AEX described as projects and will be administered by the third-party company. Each project shall accommodate a maximum of 49 participants. Two projects will be carried out monthly, with the first expected to kick off by the middle of January this year.
This new proposal by AEX will run alongside the previous “soft payment” strategy proposed in December 2022. The soft payment strategy involves a regular buyback exercise by the company to ensure that the AUSD remains deflationary. AEX will also inject liquidity into the Uniswap AUSD-USDT liquidity pool at regular intervals. This is to ensure that the asset maintains its liquidity.
AEX is suffering from the ripple effect of the collapse of Three Arrows Capital (3AC) in the middle of 2022. This adds to the complexities of relocating from its original base in mainland China after the country’s clampdown on cryptocurrency activities.
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