ZachXBT Flags Withdrawal Delays and Abnormal Hot Wallet Reserves at AscendEX
On June 26, renowned on-chain investigator ZachXBT posted a warning on his Telegram channel regarding cryptocurrency exchange AscendEX (previously known as Bitmax). According to his monitoring, the exchange has been significantly delaying user withdrawal requests for several days to weeks, with some requests never being processed at all. ZachXBT then examined the exchange's known hot wallets identified on Arkham and TRM platforms. His analysis revealed that these wallets are conspicuously lacking in major market-cap tokens such as ETH, USDT, and SOL. Such a reserve pattern, he argued, is inconsistent with normal exchange operations and strongly suggests that AscendEX is facing liquidity problems.
Market Implications and User Advisory
AscendEX has been in operation for several years and built a user base in the crypto community. ZachXBT's alert quickly attracted market attention, with many investors now voicing concerns about the safety of funds held on the platform. If AscendEX is indeed experiencing liquidity shortfalls, the withdrawal difficulties could worsen, potentially triggering a bank-run scenario. At this time, users of AscendEX are strongly advised to closely monitor official announcements and promptly assess the security of their assets. If the exchange fails to replenish reserves or restore normal withdrawal functionality, users should consider moving funds to more secure wallets or reputable exchanges. This incident also underscores the critical importance of on-chain transparency and regular hot wallet reserve audits for maintaining trust in centralized exchanges.