AscendEX Faces Ongoing Withdrawal Issues; Users Advised to Report to Authorities

AscendEX, a centralized crypto exchange, has been experiencing significant withdrawal delays for nine consecutive days, affecting users who are unable to access their funds. On-chain investigator ZachXBT reported on July 2 that the exchange has not provided updates since June 26, despite continued acceptance of deposits. He noted a severe liquidity crisis indicated by a lack of reserves in major cryptocurrencies like ETH, USDT, and SOL in AscendEX's hot wallets. Users have reported delays lasting days or weeks, and co-founder George (Jing) Cao has not responded to inquiries. ZachXBT has urged affected users to file reports with law enforcement and regulatory authorities. AscendEX previously suffered a cyberattack by the Lazarus Group in December 2021, resulting in losses of approximately $78 million.

Key Points: • AscendEX has not processed user withdrawals for nine days while still accepting deposits. • ZachXBT warns of a severe liquidity crisis at AscendEX based on on-chain data. • Affected users are advised to report their issues to law enforcement authorities.