ZachXBT Claims AscendEX May Face Liquidity Issues Due to Low Reserves of ETH, USDT, USDC, and SOL

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ZachXBT raised concerns about AscendEX’s liquidity, pointing to low reserves of ETH, USDT, USDC, and SOL. Wallet analysis from Arkham and TRM suggests the platform may struggle to meet withdrawal demands. The fear and greed index among traders is likely rising as delays continue. Founded in 2018, AscendEX suffered a $78 million hack in 2021. Its EVM, Tron, and Solana hot wallets are now under close scrutiny.

Odaily Planet Daily reports that ZachXBT posted that multiple reports indicate the centralized exchange AscendEX is delaying user withdrawals by several days or weeks, or failing to process them altogether. By examining known hot wallets on Arkham and TRM, its reserves appear to lack major tokens such as ETH, USDT, USDC, and SOL, suggesting it may be facing liquidity issues.

AscendEX was founded in 2018 by George Cao and Ariel Ling and was reportedly hacked by the Lazarus Group in December 2021, resulting in the theft of $78 million. Its EVM hot wallet, Tron hot wallet, and Solana hot wallet addresses have all been monitored.

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