Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01011
AAX Exchange suspended withdrawals on 13 November 2022, citing a 'system upgrade,'
BlockedCase description
In the weeks following FTX's collapse, several smaller exchanges and lending platforms that had significant FTX exposure—including Liquid Global, AAX Exchange, and Bitfront—also suspended withdrawals. AAX Exchange suspended withdrawals on 13 November 2022, citing a 'system upgrade,' and subsequently went silent. Customers of these secondary platforms found themselves doubly blocked: their primary exchange (FTX) had collapsed, and the knock-on effects had frozen assets at their backup platforms.
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.