Renowned on-chain detective ZachXBT has resorted to radical measures in the conflict surrounding the AscendEX exchange (formerly Bitmax). He has publicly disclosed the personal phone number and Venmo account details of the platform's co-founder, George (Jing) Cao. According to him, this step was a forced response to management's complete disregard for user problems.
Systemic Failure: Withdrawals Blocked, Deposits Accepted
The situation began to escalate on June 26, when ZachXBT first warned about mass complaints regarding withdrawal delays. According to his data, user transactions were stuck for days or weeks, or not processed at all. Meanwhile, the exchange continued to accept deposits, which is a classic "red flag" for any centralized platform.
After analyzing AscendEX's hot wallets through Arkham and TRM services, ZachXBT reached an alarming conclusion: the exchange's reserves appear to be critically depleted. The shortage of major assets — ETH, USDT, and SOL — is particularly noticeable. This directly indicates serious liquidity problems. Recall that in December 2021, AscendEX had already suffered a $78 million hack orchestrated by the North Korean Lazarus group.
In the nine days since ZachXBT's first post, AscendEX has not published a single message on X (Twitter). Withdrawals are still not being processed, while deposits are still being accepted. Such silence and inaction, combined with the ongoing collection of funds, is a worrying signal, indicating a possible attempt by management to buy time or, worse, an inability to regain control over finances.
Direct Action: Phone Number as a Last Resort
The culmination was ZachXBT's decision to make Cao's personal contacts public. He examined a specific case of an anonymous victim who had not received a response to any of their inquiries. The detective expressed sympathy for them and emphasized that the exchange had halted withdrawals for many. Publishing the CEO's phone number, he said, was intended to give the user a chance to personally reach management and attempt to recover their funds.
This move sparked a strong reaction. In the comments, users began asking ZachXBT to conduct investigations into other platforms. However, the detective himself gave clear advice: do not count on voluntary returns and document all evidence for submission to law enforcement and regulators.
My analysis: This situation is a vivid example of how a lack of transparency and disregard for user requests by a centralized exchange can lead to an escalation of the conflict. ZachXBT's actions, while an extreme measure, demonstrate the growing frustration of the community with traditional dispute resolution mechanisms in the crypto industry. As long as AscendEX remains silent, each day of inaction only worsens its reputation and brings it closer to the status of a "problematic asset." For users whose funds are stuck, I strongly recommend immediately starting to gather evidence and contacting law enforcement agencies in their jurisdiction — this is the only realistic path to recovering funds in the current situation.