AscendEX under suspicion: payment delays and empty hot wallets
The crypto community is once again gripped by anxiety: the AscendEX exchange, formerly known as Bitmax, has faced serious allegations. Renowned analyst ZachXBT has documented a wave of user complaints about withdrawal delays lasting days, and sometimes weeks. Some requests remain unprocessed entirely.
Data Points to a Liquidity Shortage
After conducting his own analysis of the exchange's hot wallets through Arkham and TRM services, ZachXBT uncovered a troubling picture. AscendEX's reserves show a severe deficit of key liquid assets such as ETH, USDT, and SOL. This directly indicates that the platform is struggling to fulfill payouts. The combination of delays with empty wallets is a classic signal of liquidity problems that cannot be ignored.
Shadow of the Past: Lazarus Group Hack
It is important to remember that this is not the first major incident in AscendEX's history. Back in December 2021, the exchange was hacked by the infamous Lazarus Group. The damage at that time amounted to approximately $78 million. Although the platform survived that blow, the current situation once again raises questions about its financial stability and risk management systems.
Caution Above All
Until AscendEX provides official comments and conducts a public reserve audit, all of ZachXBT's findings remain at the level of observations. However, for users, this is a compelling reason to exercise extreme caution. In the current market conditions, any delay in payouts should be perceived as a red flag.
Expert Opinion: The AscendEX story is yet another reminder of the fundamental rule of the crypto market: not your keys, not your coins. Until the exchange proves its solvency through a transparent audit, any interaction with it carries increased risk. I recommend users consider transferring assets to cold wallets or to more trusted platforms with proven reserves.