AscendEX Faces Liquidity Crisis Amid Withdrawal Delays

AscendEX, a centralized cryptocurrency exchange, is experiencing significant withdrawal delays, with users reporting unprocessed requests for several days to weeks. On-chain investigator ZachXBT raised concerns about the platform's liquidity, noting a severe shortage of major tokens like ETH, USDT, and SOL in its hot wallets. Despite these issues, AscendEX continues to accept user deposits. The platform's inactivity on social media and lack of communication from co-founder George (Jing) Cao has left many users frustrated and unable to access their funds. ZachXBT has advised affected users to report the situation to law enforcement and regulatory agencies. AscendEX, founded in 2018, previously suffered a cyberattack by the Lazarus Group in December 2021, resulting in significant asset losses.

Key Points: • AscendEX has delayed user withdrawals for several days to weeks while still accepting deposits. • ZachXBT identified a liquidity crisis due to a lack of major tokens in AscendEX's hot wallets. • Users are advised to report withdrawal issues to law enforcement as the platform remains unresponsive.