An on-chain analyst has identified liquidity issues on AscendEX: users are complaining about withdrawal delays.
The cryptocurrency exchange AscendEX, formerly known as BitMax, has encountered serious operational difficulties. According to on-chain analysis conducted by independent expert ZachXBT, users are widely reporting withdrawal delays ranging from several days to several weeks.
Analysis of the platform's known hot wallets in the Arkham and TRM systems has revealed a critical shortage of major liquid assets, including Ethereum (ETH), Tether (USDT), and Solana (SOL). The absence of these funds from addresses traditionally used to process withdrawal requests indicates that the exchange may be experiencing an acute liquidity shortage.
Signs of a Liquidity Crisis
The nature of the complaints—ranging from several days to weeks—suggests not technical glitches but fundamental balance issues. Under normal exchange operations, hot wallets should contain sufficient funds to cover daily requests. The fact that AscendEX's wallets lack such key assets as USDT and ETH is a troubling signal.
It is important to note that similar delays and shortages of funds in hot wallets often precede more serious events, including trading suspensions or complete withdrawal halts. Users who hold assets on this platform should carefully assess the risks.
My analysis: History provides numerous examples where liquidity problems on exchanges ended in fund freezes. AscendEX urgently needs to provide a transparent report on the state of its reserves. Until this happens, any assurances about the platform's operational stability appear unconvincing.