AscendEX Under Suspicion: Withdrawal Delays and Alarming Liquidity Signals
The cryptocurrency exchange AscendEX, formerly known as Bitmax, has found itself at the center of a new scandal. Renowned on-chain detective ZachXBT has recorded mass user complaints about withdrawal delays lasting from several days to weeks, and in some cases, requests are being completely ignored.
This is not the first warning sign for the platform, founded in 2018 by George (Jin) Cao and Ariel Ling. Back in December 2021, AscendEX suffered an attack by the North Korean Lazarus Group, which drained $78 million in funds. Now, however, the issue is not an external threat but internal stability.
Reserve Analysis: What Do the Hot Wallets Show?
ZachXBT conducted a detailed analysis of the exchange's hot wallets using Arkham and TRM services. His findings are concerning: AscendEX's reserves show a critical shortage of key liquid assets—ETH, USDT, and SOL. According to him, this picture directly points to liquidity problems and the exchange's ability to process withdrawals in a timely manner.
The combination of payment delays and sparse reserves is a classic "red flag" for any centralized platform. In the history of the crypto market, we have already seen what happens when such signals are ignored. AscendEX has not yet officially commented on the situation, and this silence only heightens the community's concern.
Caution Above All
It is important to emphasize: ZachXBT's data is an independent analyst's observation, not an established fact. Final conclusions can only be drawn after an official audit of the exchange's reserves and a public statement from management. However, ignoring these signals would be reckless.
My professional opinion: AscendEX users should exercise extreme caution. If you have assets on this platform, I strongly recommend initiating withdrawals as soon as possible, before the situation worsens. History teaches us that liquidity problems at centralized exchanges rarely resolve without consequences for clients. Trust, but verify—especially when it comes to your funds.