Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01010
Institutional lockout — exchange custody (2022)
BlockedCase description
Crypto exchange AAX suspended withdrawals on 13 November 2022, initially claiming a 'system upgrade' following a third-party partner's technical failure. The exchange subsequently went offline entirely, with staff reportedly unreachable. Customers who had deposited Bitcoin and other crypto had no recourse. The timing—just days after FTX's collapse—led creditors to suspect FTX-linked exposure, though AAX never provided a clear accounting of its liabilities.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Blocked |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | International |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Access was not recoverable.
Outcome interpretation
Access was not possible under the reported conditions.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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