AscendEX (formerly Bitmax) users report prolonged withdrawal delays with 'Initiating' status and no on-chain hash, indicating liquidity strain. The platform suffered a $78M Lazarus hack in 2021 and lacks proof-of-reserves and audits. This reflects the broader survival struggle of mid-sized exchanges amid regulatory tightening and market concentration.
Incident Overview
Crypto exchange AscendEX (formerly Bitmax) is experiencing large-scale withdrawal anomalies, with pending transactions stuck in 'Initiating' status and no corresponding on-chain hash, a common sign of liquidity depletion.
Historical Concerns
AscendEX has a troubled past: in 2021 it lost approximately $78 million in a hack attributed to the Lazarus Group. Moreover, the exchange has never published proof-of-reserves or undergone a third-party audit, raising persistent transparency issues.
Industry Context
This incident is not isolated. Under increasing regulatory scrutiny and the dominance of top-tier exchanges, mid-sized platforms are grappling with user attrition and soaring compliance costs. Liquidity crises, security vulnerabilities, and eroded trust create a vicious cycle, signaling an accelerating industry consolidation.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
