AEX traditional asset liquidation exchange for debt settlement
AEX has announced strategic plans to liquidate some of its traditional assets to pay off debtors.
Troubled exchange AEX under siege
The assets to be liquidated include box office rights and television income as well as the companies’ own shares. AEX will sell the investments at a discount of between 20-40%. The money raised will be used to pay off debts.
The liquidators must sign the share purchase deed using their full names. In addition, they will be required to complete a questionnaire before sending the necessary amount to the black hole address for the acquisition. Their official blog has also specified that the rules will change depending on the contract in question and the asset to be liquidated. The liquidators will make all purchases through AUSD, the exchange’s native stablecoin.
This announcement comes as part of the main idea of AEX’s plans to reduce customer losses and expand the use of AUSD as a competitor to Tether’s USDT stablecoin.
“We believe that as long as we do this, we will be able to win more people’s support. And no matter how long it takes, our goal of making the Australian dollar bigger than the US dollar will definitely be achieved.”
AEX limits its services to users
On December 12, AEX said it would limit its services as a mandatory compliance measure for regulators who have been on the back of the exchange for months.
Following the announcement, AEX said it plans to buy back 10% of the total supply of AUSD every Monday on Uniswap, one of the largest decentralized exchanges in the world. Buying back the stablecoin from the AUSD-USDT liquidity pool on Uniswap is a plan to ensure that the stablecoin maintains its deflationary mechanism until AUSD hash the benchmark, 1 AUSD 1 USDT.
Among other cryptocurrency-oriented entities, AEX fell victim to the bear market swings that began in 2022, fueled by the fall of FTX. Over the course of the year, tough times have made the cryptocurrency market “unsafe”, which has brought exchanges like AEX close to collapse. AEX has maintained limited operations hoping for a better future as winter seems to be over.