On-chain sleuth ZachXBT has raised alarms that centralized exchange AscendEX may be experiencing liquidity stress after a string of user reports said withdrawals have been stuck for days or even weeks.
In a community alert, ZachXBT said he inspected known AscendEX hot wallets using Arkham and TRM analytics and found those addresses appeared to lack major liquid assets such as ETH, USDT, USDC and SOL. He shared EVM, Tron and Solana hot wallet addresses tied to the review. While ZachXBT framed the findings as indicating possible liquidity problems, he stressed the results are not a confirmed insolvency and noted exchange reserves can include cold wallets, third‑party custody or unlabeled addresses that weren’t captured in his check.
AscendEX — which launched in 2018 as BitMax and rebranded later — has not publicly responded to the latest claims. The exchange was previously hit by a major hack in December 2021 that saw roughly $78 million stolen; the Lazarus Group was later linked to that attack.
Why users are worried
A central point of frustration in the current complaints is that funds reportedly disappear from users’ available balances without an on‑chain transaction. AscendEX’s help center says withdrawals normally move through platform verification, blockchain confirmation and receipt by the target wallet, and that users should receive a TXID once the transfer hits the blockchain. The help center advises contacting support if no TXID is generated within two hours of requesting a withdrawal — a detail that matters because, without a TXID, users cannot independently verify a transfer.
This pattern — apparent balance debits without verifiable on‑chain movement — has driven heightened sensitivity around smaller and mid‑sized exchanges. ZachXBT earlier flagged another platform, JuCoin, for similar withdrawal delays and reserve concerns this month.
What’s next
ZachXBT’s analysis increases scrutiny on AscendEX’s reserve reporting and operational transparency, but it does not prove insolvency. To reduce uncertainty, the exchange could publish a public update, explain any processing delays, and provide verifiable evidence of asset balances across hot and cold storage. Until AscendEX offers clarity, the alert is likely to keep pressure on the platform and raise questions about its reserve practices.
The situation is developing; we will update if AscendEX responds or provides verifiable wallet information.
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