Alert: AscendEX Under Suspicion Due to Withdrawal Delays and Empty Wallets
The crypto community is on edge again: renowned analyst ZachXBT has recorded a wave of complaints about the AscendEX exchange (formerly Bitmax). Users report multi-day and even week-long delays in withdrawals, with some requests remaining unprocessed entirely. These are no longer isolated incidents but a systemic pattern that raises serious questions about the platform's solvency.
Blockchain Data: Reserves at Zero
ZachXBT conducted his own investigation, examining the exchange's hot wallets via Arkham and TRM services. The findings are grim: AscendEX's reserves show a critical shortage of key liquid assets — Ethereum (ETH), Tether (USDT), and Solana (SOL). According to the analyst, this situation is a classic sign of liquidity problems. The combination of payment delays and meager reserves is an alarming signal that cannot be ignored.
It is important to emphasize: ZachXBT's data is an observation, not an official audit. The exchange itself has not yet provided detailed comments. However, for experienced market participants, the lack of an immediate response is in itself a troubling factor.
AscendEX's Dark Past
Recall that AscendEX is no stranger to incidents. Founded in 2018 by George (Jin) Cao and Ariel Ling, the platform already suffered a major hack in December 2021. At that time, the Lazarus Group stole client funds totaling $78 million. Although the exchange resumed operations, the security history leaves a bitter aftertaste.
At this point, ZachXBT's signals should be seen as a reason for heightened caution, not as established fact. Final conclusions can only be drawn after AscendEX's official position and, ideally, an independent reserve audit. But for users holding funds on this platform, the current situation is a strong argument for diversifying risks.
Cryptalist Expert Opinion: The market has seen time and again how withdrawal delays and emptying wallets preceded exchange collapses. While AscendEX remains silent, trust in it is eroding. Investors should act proactively rather than wait for official explanations that may come too late.