AscendEX Withdrawal Anomaly: Liquidity Crisis and Survival Struggles of Small Exchanges
AscendEX (formerly Bitmax) recently experienced large-scale withdrawal anomalies, with user funds stuck in 'Initiating' status and no on-chain hash, suggesting potential liquidity issues. The platform suffered a $78 million loss from a Lazarus hacker attack in 2021 and has long lacked proof of reserves and third-party audits, raising transparency concerns. The incident highlights the survival difficulties faced by small and medium crypto exchanges amid tightening regulations and industry consolidation.

