Alarming Signal: AscendEX Under Suspicion Due to Withdrawal Delays and Liquidity Shortage
The crypto community is once again concerned about the state of one of the older exchanges. This time, the focus is on the AscendEX platform (formerly known as Bitmax). According to my data, obtained from analyzing on-chain metrics and user reports, the exchange is facing serious operational difficulties.
Monitoring of AscendEX's hot wallets through the analytical services Arkham and TRM has revealed a critical picture: the platform's reserves are experiencing an acute shortage of key liquid assets — Ethereum (ETH), Tether (USDT), and Solana (SOL). This is a classic indicator of liquidity problems, which directly correlates with mass user complaints about withdrawal delays lasting from several days to weeks, and in some cases, complete disregard for requests.
Double Blow: Hacker Attack and Current Crisis
It is important to note that this is not the first incident in AscendEX's history. In December 2021, the exchange was hacked by the North Korean Lazarus Group, resulting in clients losing approximately $78 million. Although the platform resumed operations at that time, the current situation with reserve shortages raises even more questions. The combination of payment delays and depleted hot wallets is a classic "red flag" that has preceded the collapse of many crypto projects in the past.
As of now, there has been no official response from AscendEX. Management has not provided any detailed comments or a plan to resolve the situation. I strongly advise users to exercise extreme caution and consider diversifying their assets until a transparent audit of the reserves is available.
My expert opinion: The situation with AscendEX is yet another reminder that even exchanges with a long history are not immune to liquidity crises. The lack of official comments and transparency in reserve management is the most alarming signal for fund holders. I recommend that anyone who has not yet withdrawn their assets do so at the first opportunity, before withdrawal channels are completely blocked.