ZachXBT Accuses AscendEX of Withdrawal Delays, Urges Users to Report to Authorities

ChainCatcher report: According to on-chain investigator ZachXBT, multiple reports indicate that the centralized crypto exchange AscendEX (formerly Bitmax) has recently delayed or failed to process user withdrawal requests for several consecutive days, even weeks—yet the platform continues to accept user deposits. As early as June 26, ZachXBT raised an initial warning, noting that on-chain data from Arkham and TRM revealed a severe shortage of high-market-cap tokens—including ETH, USDT, and SOL—in AscendEX’s known hot wallets across EVM, Tron, and Solana networks, suggesting the platform is likely facing a severe liquidity crisis. Recent developments show that over the past nine days since the initial warning, AscendEX’s official X account has remained inactive, and platform co-founder George (Jing) Cao has not responded to inquiries from users affected by locked funds. ZachXBT now strongly advises users unable to withdraw their funds to file reports with law enforcement and regulatory authorities in their respective countries or regions. AscendEX was founded in 2018 by George (Jing) Cao and Ariel Ling. In December 2021, the platform suffered a cyberattack by the Lazarus Group, resulting in the loss of approximately $78 million in assets.