ZachXBT records massive withdrawal delays from AscendEX: signs of liquidity deficit
On-chain analyst ZachXBT has identified serious issues with fund withdrawals on the AscendEX cryptocurrency exchange. According to his data, users are massively complaining about delays ranging from several days to several weeks.
By checking the platform's known hot wallets through Arkham and TRM Labs tools, ZachXBT discovered a critical shortage of key assets, including Ethereum (ETH), Tether (USDT), and Solana (SOL). This indicates that the exchange's reserves, previously operating under the BitMax brand, are in an extremely strained state.
Signs of a Liquidity Crisis
The observed picture suggests that AscendEX is facing an acute liquidity shortage. Such situations typically arise when client fund outflows exceed the exchange's ability to replenish reserves promptly. Under these conditions, even standard withdrawal requests turn into multi-week waiting periods.
As of now, official representatives of AscendEX have not provided detailed comments regarding the current situation. However, the administration's silence amid the growing number of complaints only heightens user concerns.
My analysis: AscendEX's current position resembles a classic "bank run" scenario in the cryptocurrency environment. If the exchange cannot quickly attract external financing or provide transparent proof of reserves (e.g., through a Proof-of-Reserves audit), we may witness a complete halt of withdrawals. Users whose funds are still on the platform should initiate withdrawals as quickly as possible, despite the delays — every day of hesitation increases the risks.