ZachXBT: AscendEX Withdrawal Delays Raise Concerns Over On-Chain Reserves and Liquidity Stress

TechFlow news: On June 26, ZachXBT issued a community alert on X, warning that the centralized exchange AscendEX (formerly Bitmax) has recently been reported to experience delays in processing user withdrawals, with some withdrawal requests potentially taking several days—or even weeks—to be fulfilled. ZachXBT noted that ETH, USDT, SOL, and other major high-market-cap assets held in known hot wallets—marked by Arkham and TRM—are relatively scarce, possibly indicating liquidity pressure facing the platform.

Public records show that AscendEX was founded in 2018 by George (Jing) Cao and Ariel Ling, and suffered a security incident in December 2021 involving approximately $78 million; the attackers were reportedly linked to the Lazarus Group.

The aforementioned withdrawal delays and reserve conditions await further clarification from the platform.