AscendEX Under Suspicion: On-Chain Analyst Identifies Liquidity Issues and Withdrawal Delays
Tensions around centralized platforms are once again escalating in the cryptocurrency market. This time, the spotlight is on the AscendEX exchange, formerly known as BitMax. According to the latest on-chain analysis data, users are massively complaining about serious delays in withdrawing funds—ranging from several days to several weeks.
My analysis of AscendEX's hot wallets, conducted using Arkham and TRM tools, has revealed an alarming picture: the exchange's balances show a critical shortage of key assets, including Ethereum (ETH), Tether (USDT), and Solana (SOL). This directly indicates that the platform may be experiencing acute liquidity issues. Such a situation is typical for exchanges that either conceal the real state of their reserves or have already faced a massive outflow of funds.
It is important to note that AscendEX is not a newcomer to the market. It underwent a rebranding from BitMax and was previously considered a relatively stable platform. However, the current signals raise serious concerns. If the exchange is indeed unable to ensure timely withdrawals, this could lead to panic among clients and further deterioration of its financial position.
My professional assessment: investors holding assets on AscendEX should immediately evaluate the risks and, if possible, initiate withdrawals. In the absence of transparent proof of solvency, any delay in withdrawals is a red flag. The market does not forgive uncertainty, and a repeat of the FTX or Celsius scenarios is not far off if the exchange's management does not provide convincing evidence of its financial stability.