The situation surrounding the AscendEX cryptocurrency exchange (formerly known as Bitmax) is heating up. Renowned on-chain analyst ZachXBT has taken a radical step: he publicly disclosed the personal phone number and Venmo account details of the platform's co-founder, George (Jing) Cao. The motivation is to force the exchange's management to respond to user complaints whose funds are stuck in withdrawals.
The problems did not start today. As early as June 26, ZachXBT warned in his Telegram channel about massive delays in transaction processing. According to his data, withdrawals were not processed for days or even weeks, while deposits continued to be accepted. The analyst checked the exchange's hot wallets through Arkham and TRM services and came to an alarming conclusion: the reserves are missing major assets, including ETH, USDT, and SOL. This points to serious liquidity issues.
Notably, in the nine days since the first post, AscendEX has not published a single message on X. Withdrawals were still not being processed, and deposits were still being accepted. ZachXBT noted that he examined a specific case of an anonymous victim who had not received a response from Cao to any of his inquiries. It was then that the analyst decided to provide him with the founder's personal contacts so he could try to recover the money directly.
Community Reaction and Recommendations
The publication of the data sparked a wave of responses. Other users began contacting ZachXBT with requests for new investigations and statements against other platforms. The analyst himself recommended that victims not count on a voluntary return of funds. Instead, he advises documenting all evidence and contacting law enforcement agencies and regulators in their country.
At the time of publication, AscendEX itself had not publicly commented on the situation. It is worth recalling that in December 2021, the exchange was already hacked — at that time, hackers from the Lazarus group stole $78 million.
Expert Comment: The situation with AscendEX is a classic example of the risks of centralized platforms. The fact of accepting deposits while withdrawals are not working is an alarming signal that has preceded the collapse of exchanges many times in the past. Users should learn a lesson: if a platform stops responding and delays transactions, you need to act quickly — document evidence and involve regulators. ZachXBT has once again proven that in the crypto industry, transparency and community pressure are the only real protection against unscrupulous players.