On-chain analyst ZachXBT reports critical withdrawal delays on the AscendEX exchange.
Well-known on-chain detective ZachXBT has published alarming data regarding numerous complaints from users of the AscendEX cryptocurrency exchange (formerly BitMax). According to his analysis, the platform's clients are facing withdrawal delays lasting from several days to several weeks.
After verifying the exchange's hot wallets through Arkham and TRM Labs services, ZachXBT identified a critical shortage of key liquid assets. The balances lack significant amounts of ETH, USDT, and SOL — assets that typically form the backbone of operational liquidity for any centralized platform.
This situation directly points to potential liquidity issues. For an exchange that has undergone rebranding and is trying to restore trust after previous incidents, such signals are particularly dangerous. A deficit of major reserves in hot wallets is a classic precursor to either technical failures or more serious financial difficulties.
My Expert Analysis
The situation surrounding AscendEX resembles a classic scenario preceding a crisis of confidence. If the exchange does not provide a transparent reserve report and speed up the processing of withdrawal requests, we may see a domino effect: panic among users will trigger a mass outflow of funds, ultimately undermining liquidity. I recommend that traders holding assets on this platform exercise extreme caution and consider alternative options for storing funds.