AscendEX faces a liquidity crisis: ZachXBT records massive withdrawal delays
According to on-chain analyst ZachXBT, the AscendEX exchange (formerly known as BitMax) is experiencing serious operational difficulties. Users are widely reporting withdrawal delays lasting from several days to several weeks. This is an alarming signal for the market, especially amid recent bankruptcies of major players.
After analyzing the exchange's known hot wallets using Arkham and TRM tools, I discovered a critical shortage of key liquid assets: Ethereum (ETH), Tether (USDT), and Solana (SOL). This situation directly points to liquidity issues, which may be caused either by a massive outflow of funds or by internal financial manipulations.
It is important to emphasize that AscendEX is not a new platform and has a certain reputation. However, incidents like this, where on-chain data diverges from expected reserves, are always a red flag. Users, especially those holding funds on the exchange, should exercise extreme caution and consider withdrawing assets if technically still possible.
Expert opinion: The situation with AscendEX reminds me of the classic pre-collapse scenario — when an exchange tries to hide a liquidity deficit by delaying request processing. I strongly advise investors not to ignore such signals. In current market conditions, it is better to be safe and withdraw funds than to risk losing them.