ZachXBT says AscendEX users are experiencing withdrawal delays, with some orders not being processed at all.
Many individuals reported that transactions were halted for several days, sometimes even weeks.
AscendEX users have reported withdrawal issues
Detective on the chain He issued a warning in his Telegram group, alert Members to potential Liquidity challenges.
“I have noticed multiple reports that central exchange AscendEX (formerly Bitmax) is delaying user withdrawals for days/weeks or not processing withdrawals,” he wrote.
After reviewing Arkham and TRM for well-known hot wallets, ZachXBT noticed that the exchange’s reserves appeared to be lacking for large-value tokens such as USDT, ETH, and SOL. This indicates that it is very likely that the platform is experiencing some liquidity issues. He also provided some of the Solana, Tron, and EVM wallet addresses used in the investigation.
According to community reports, users who attempted to transfer funds from AscendEX saw their transactions stuck on “initiating” for over a week.
On Reddit, one user described Their experience, noting that withdrawals do not even produce a transaction ID. They said that their funds were deducted from their available balance and are now closed without any explanation from the platform.
For its part, the exchange is said to have yet to provide any meaningful assistance or explanations through its support channels, nor has it issued any public response to the concerns.
AscendEX, formerly known as Bitmax, was founded by George Kao and Ariel Ling in 2018. Lazarus Group in North Korea Hacked The platform in December 2021 for $78 million.
ZachXBT Refers to JuCoin Reserves Amid Withdrawal Issues
This is not the first time the exchange has faced scrutiny due to delays in processing transactions. ZachXBT recently It has been marked JuCoin has had similar problems, claiming that its reserves are not backed by liquid assets.
A blockchain investigator has questioned JuCoin’s reported reserves of $511 million, saying that most of this appears to be tied to USDC and USDT issued on JuCoin with no apparent backing. The team also publicly challenged the listing, saying the project seemed out of their control, but the team responded by saying the disruptions were caused by ongoing upgrades and restructuring.
However, affected users continued to demand clear timelines, transparency, and guarantees that their assets were available for transfer.
Attackers also exploited JuDAO for $225,000 in April and a $20 million incident last year. Meanwhile, the East Asian Stock Exchange has changed its branding several times in the past.
this post ZachXBT warns AscendEX users of potential liquidity issues and delayed withdrawals appeared first on CryptoPotato.
