ZachXBT Raises Alarm Over AscendEX Withdrawal Delays and Liquidity Concerns

Blockchain investigator ZachXBT has issued a community alert stating that multiple users on the crypto exchange AscendEX have reported delayed or unprocessed withdrawals, with some waiting for days or even weeks.

In response to these complaints, he reviewed publicly available hot wallet data via Arkham and TRM. The review indicated that AscendEX’s reserves appear to hold limited amounts of major assets such as ETH, USDT, and SOL, prompting concerns about the exchange’s liquidity position.

AscendEX, previously known as BitMax, was founded in 2018 by George (Jing) Cao and Ariel Ling. The platform also faced a major security breach in December 2021, when it reportedly lost $78 million in a hack attributed to the Lazarus Group.

Source: ZachXBT