Alarming Signal: AscendEX Delays Payouts, Analysts Point to Liquidity Shortage
The cryptocurrency community has once again been shaken by a wave of concern. This time, the focus is on the trading platform AscendEX (formerly known as Bitmax). Analysts have recorded massive user complaints about significant delays in fund withdrawals. According to available data, processing withdrawal requests can take days or even weeks, and in some cases, requests remain unanswered entirely.
Reserve Analysis: What the 'Hot' Wallets Show
An independent study conducted using blockchain analytics (Arkham and TRM services) has revealed an alarming picture. Based on the state of AscendEX's 'hot' wallets, the platform's reserves show a critical shortage of key liquid assets such as Ethereum (ETH), Tether (USDT), and Solana (SOL). This situation directly points to potential liquidity problems, which explains the delays in payments to clients.
The combination of withdrawal delays and depleted reserves is a classic 'red flag' for any centralized exchange. These are exactly the signals that preceded the collapse of many platforms in the past. However, it is important to emphasize: this data is an analytical assessment, not an official audit. AscendEX itself has not provided detailed comments on the situation at the time of publication.
History and Context: Not the First Incident
AscendEX was founded in 2018 and initially operated under the Bitmax brand. In December 2021, the exchange suffered a serious hack, which was attributed to the North Korean hacker group Lazarus Group. The damage at that time was estimated at $78 million. Thus, the platform already has a sad history in terms of security, which adds seriousness to the current signals.
At this point, claims about a reserve shortage remain observations that require verification. Final clarity will come either from AscendEX's official position or a public audit of reserves. Until then, these signals should be treated as grounds for increased caution, rather than as an established fact.
Expert Opinion: The situation surrounding AscendEX is another reminder of the systemic risks of centralized platforms. Even if current concerns are not confirmed, the very fact of mass complaints and a lack of transparency from the exchange should serve as a signal for users to diversify their assets and move to non-custodial solutions. Until the platform provides convincing evidence of its solvency, trust in it will remain in question.