AscendEX Under Suspicion: Withdrawal Delays and Reserve Depletion
The crypto community is once again alarmed: the AscendEX exchange (formerly known as Bitmax) is facing serious accusations of withdrawal delays. On-chain detective ZachXBT, after analyzing the situation, has identified a troubling trend: users are complaining that their withdrawal requests are not being processed for days, and sometimes even weeks.
On-Chain Analysis: Hot Wallets Nearly Empty
Using Arkham and TRM services, ZachXBT examined AscendEX's hot wallets. The results were discouraging: the exchange's reserves critically lack liquid assets such as ETH, USDT, and SOL. This is a classic sign of liquidity problems, where the platform is simply unable to fulfill client payouts in full. The combination of withdrawal delays and scarce reserves is a red flag that cannot be ignored.
AscendEX's Dark Past
It is worth recalling that this is not the first incident in AscendEX's history. In December 2021, the exchange was hacked by the North Korean Lazarus Group, which stole $78 million in client funds. Although the platform claimed to have compensated for the losses at the time, the incident undermined trust in its security systems. The current liquidity issues could be a consequence of that hack, as well as the result of current management errors.
Expert Opinion: A Signal for Caution
At this point, ZachXBT's statements remain unconfirmed—AscendEX itself has not provided any official comments. However, as an analyst, I recommend taking these signals with the utmost seriousness. Until the exchange conducts a transparent audit of its reserves and publishes an official stance, any operations on this platform involve high risk. History teaches us: when users widely complain about fund withdrawals, it often precedes a collapse. Stay vigilant and do not keep large sums on suspicious exchanges.