AscendEX under scrutiny over withdrawal delays

AscendEX faces scrutiny after users report long withdrawal delays and missing transaction hashes. Investigator ZachXBT highlights low wallet balances, raising liquidity concerns. The exchange has not addressed the issue.

AscendEX is facing increased scrutiny after numerous users reported prolonged withdrawal delays, with some requests taking days or weeks and missing transaction hashes. Blockchain investigator ZachXBT issued a community alert, noting that AscendEX’s known hot wallets, as reviewed via Arkham and TRM, appeared to lack major assets such as ETH, USDT, USDC, and SOL. These findings have raised serious concerns about the exchange’s liquidity and its ability to process withdrawals. Despite the growing anxiety among users, AscendEX has not publicly addressed the allegations or provided any clarity on the situation. The platform previously suffered a $78 million security breach in December 2021. Meanwhile, scammers are targeting affected users with fraudulent fund recovery offers. The ongoing delays and lack of transparency have heightened user anxiety and market concerns, while AscendEX’s help-center materials only mention that withdrawals may be suspended for operational reasons.