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.
ZachXBT Accuses AscendEX of Withdrawal Delays, Urges Users to Report to Authorities
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Summary
On-chain news reveals that ZachXBT has accused AscendEX of delaying withdrawals for days to weeks while continuing to accept deposits. The investigator noted that AscendEX’s hot wallets on EVM, Tron, and Solana show a lack of major tokens such as ETH, USDT, and SOL. Since June 26, the exchange has remained silent, and co-founder George Cao has not responded to user inquiries. ZachXBT urges affected users to report the issue to authorities. Crypto exchange news highlights that AscendEX was hacked in 2021, resulting in a loss of $78 million.
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