ZachXBT: AscendEX is suspected of facing liquidity issues, with user withdrawals delayed from several days to several weeks

ZachXBT released a community alert on platform X, reporting that the centralized exchange AscendEX (formerly Bitmax) has been reported by multiple users for withdrawal delays ranging from days to weeks, and in some cases, withdrawals cannot be processed at all. ZachXBT checked the known hot wallets of the exchange through Arkham and TRM and found that its reserves lack mainstream large-cap tokens such as ETH, USDT, and SOL, which may indicate liquidity issues.

AscendEX was founded by George Cao and Ariel Ling in 2018 and was hacked by the Lazarus Group in December 2021, resulting in a loss of approximately $78 million.