AscendEX Withdrawal Anomaly Reflects Survival Crisis for Mid-Small Exchanges: Hack History, Lack of Reserves
AscendEX (formerly Bitmax) has been reported to experience large-scale withdrawal failures, with user funds stuck in 'Initiating' status and no on-chain transaction hashes, indicating potential liquidity depletion. The exchange was hacked by the Lazarus group in 2021, losing $78 million, and has long lacked Proof of Reserves and third-party audits. This incident highlights the existential challenges faced by small and medium crypto exchanges under tightening regulation and market centralization.



