Event Overview
On June 26, 2026, on-chain investigator ZachXBT issued a warning via his Telegram channel, stating that cryptocurrency exchange AscendEX (formerly Bitmax) appears to be facing liquidity issues. According to ZachXBT, the exchange has been delaying user withdrawal requests for days or even weeks, with some requests never being processed at all. This development has drawn significant attention from the crypto community, especially after the collapse of FTX and other exchanges, which have made users highly sensitive to the financial health of trading platforms.
On-Chain Evidence Reveals Reserve Shortfalls
ZachXBT reviewed known hot wallet addresses associated with AscendEX on Arkham and TRM Labs, as well as their reserve balances. The analysis revealed that these hot wallets appear to be missing major market-cap tokens, including ETH, USDT, and SOL. Hot wallets are critical for processing daily withdrawals, and a lack of sufficient tokens in these addresses typically indicates that the platform cannot meet user withdrawal demands—a classic sign of liquidity distress. While ZachXBT did not provide detailed screenshots of the data, he emphasized that his findings are based on publicly available on-chain intelligence and carry a high degree of credibility.
Potential Impact and User Recommendations
AscendEX has been a notable tier-2 exchange, originally launched as Bitmax and rebranded in 2021. If the liquidity issue is confirmed, it could trigger a wave of panic withdrawals, further exacerbating any shortfall. Historical precedents show that unresolved liquidity problems often lead to suspended withdrawals or even bankruptcy. Users holding assets on AscendEX are advised to closely monitor official announcements and consider transferring funds to self-custody wallets or other reputable exchanges. Regulators should also take such warnings seriously to prevent systemic contagion across the market.