ZachXBT issued a community alert after multiple AscendEX users reported withdrawals delayed for days or weeks, with some claiming their requests were not being processed. The alert focuses on
ZachXBT issued a community alert after multiple AscendEX users reported withdrawals delayed for days or weeks, with some claiming their requests were not being processed.
The alert focuses on AscendEX, formerly BitMax, the centralized exchange founded by George Cao and Ariel Ling in 2018. ZachXBT said known AscendEX hot wallets reviewed through Arkham and TRM appeared thin on major assets including ETH, USDT and SOL.
Those wallet balances do not show the full reserve picture. Exchanges can hold customer and treasury assets across hot wallets, cold storage, external custodians and internal accounts. The risk is sharper when thin visible liquidity appears alongside multi-day withdrawal complaints and limited clarity on processing timelines.
AscendEX users are now watching whether withdrawal queues clear normally in the same assets that appear limited across known hot wallets. Hot-wallet shortages can reflect routine treasury management, but delays lasting days or weeks create pressure for a clearer explanation from the exchange.
Withdrawal stress is one of the fastest ways confidence can break at a centralized exchange. Customers cannot independently verify internal liabilities, offchain custody accounts or manual review queues. When withdrawals stall, public wallet balances become the first visible check on whether liquid assets are available for users trying to exit.
The AscendEX warning follows another ZachXBT alert over Ju withdrawal delays, where reserve visibility and user access became the main pressure points. Poland’s largest crypto exchange also showed how quickly withdrawal stress can escalate when customers cannot get clear answers about pending balances.
ZachXBT listed AscendEX hot wallets across EVM chains, Tron and Solana so users and analysts can monitor balances directly. The full address list remains in the public alert, while the immediate market question is whether AscendEX can process withdrawals in major assets such as ETH, USDT and SOL without extended delays.
The alert also referenced AscendEX’s December 2021 hot-wallet breach, when the exchange lost about $78 million. That history remains background to the exchange’s risk profile, while the new warning centers on withdrawal processing and visible liquidity.
AscendEX has not announced a new hack, court process, enforcement action or formal recovery plan tied to the latest complaints. Users are now tracking whether stuck withdrawals begin clearing and whether known wallets refill with enough large-cap assets to reduce the liquidity questions raised by ZachXBT’s alert.
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