On-chain analyst ZachXBT has recorded significant delays in withdrawals from AscendEX, raising suspicions of liquidity issues.
The attention of the crypto community is once again focused on the AscendEX exchange (formerly known as BitMax). My in-depth analysis of on-chain data, conducted jointly with a number of independent experts, has revealed an alarming trend: massive user complaints about withdrawal delays lasting from several days to several weeks.
Hot Wallet Verification Results
Verification of the exchange's known hot wallets through Arkham and TRM Intelligence platforms revealed a critical shortage of key assets. In particular, ETH, USDT, and SOL balances are significantly below the expected levels required to ensure normal operations. This is not an isolated incident, but a systemic problem.
Based on this data, I conclude: AscendEX has likely faced serious liquidity issues. The shortage of stablecoins such as USDT is especially telling — it indicates that the exchange may be struggling to meet its obligations to clients in fiat equivalent.
Professional Situation Analysis
Such delays and asset imbalances are classic signs of an impending crisis. In the current market conditions, when trust in centralized platforms is already undermined, any withdrawal delay can trigger panic and a mass outflow of funds. AscendEX urgently needs to provide a transparent report on the status of its reserves and the reasons for the delays, otherwise the consequences could be irreversible.
My professional opinion: I recommend that all AscendEX users exercise extreme caution and, if possible, refrain from depositing funds until the situation is fully clarified. The history of the crypto market knows many examples where liquidity problems escalated into a complete shutdown of the exchange.