Renowned on-chain analyst ZachXBT has taken an unprecedented step by publishing the personal phone number and Venmo account details of AscendEX (formerly Bitmax) co-founder George (Jing) Cao. This decision is a direct response to days of ignored requests from clients whose fund withdrawals have been blocked.
The situation escalated on June 26, when ZachXBT first warned about mass user complaints. According to his data, the exchange had not processed withdrawal requests for weeks while continuing to accept deposits. Analysis of the platform's hot wallets via Arkham and TRM services revealed a critical shortage of major assets — ETH, USDT, and SOL. This points to serious liquidity issues.
Notably, AscendEX has faced a catastrophe before: in December 2021, hackers from the Lazarus group stole $78 million. The platform managed to recover then, but the current situation appears far more alarming.
Exchange Silence and Client Despair
In the nine days following ZachXBT's initial warning, AscendEX did not publish a single post on social media. Withdrawals remained unprocessed, while deposits were still accepted. One affected user, whose funds in the KAS token were stuck without a transaction ID, confirmed a complete lack of progress.
ZachXBT emphasized that he investigated a major case involving an anonymous user who received no response to any of their inquiries to the exchange's co-founder. This is what prompted the publication of Cao's contact details.
"I passed on the co-founder's personal number so the person could call themselves and try to get their money back," the analyst explained, expressing solidarity with the victim.
Community Reaction and Recommendations
ZachXBT's posts triggered a flood of new requests. Users began asking for investigations into other platforms. The analyst himself recommended not relying on voluntary fund returns, but instead documenting evidence and contacting law enforcement and regulators in their respective countries.
At the time of publication, AscendEX had not officially commented on the situation. Management's silence amid an obvious liquidity crisis is a worrying signal. It resembles a classic "rug pull" scenario, although we may be dealing with serious operational failures. In any case, users should act proactively.
Cryptalist Expert Opinion: Publishing the CEO's personal data is a radical but understandable step in the face of complete disregard. However, if AscendEX is indeed experiencing a liquidity shortage, it could indicate hidden problems, up to the misuse of client funds. The history with the Lazarus Group may have left a deep mark, but the current situation looks like a management collapse rather than the aftermath of a hack. Affected parties should prepare for lengthy legal proceedings.