AscendEX
4 months agoNews Editor

AscendEX Withdrawal Anomaly Exposes Survival Crisis for Mid-Sized Exchanges: Hacked for $78M, Liquidity Suspected Drained

AscendEX (formerly Bitmax) has been exposed to large-scale withdrawal anomalies, with user funds stuck in 'Initiating' status without on-chain hashes, indicating suspected liquidity depletion. The platform previously suffered a $78 million loss from a Lazarus hacker attack in 2021 and has long lacked proof of reserves and third-party audits, leading to low transparency. This event highlights the widespread existential difficulties faced by mid-sized crypto exchanges under regulatory tightening and industry consolidation.

2360
AscendEX Withdrawal Anomaly Exposes Survival Crisis for Mid-Sized Exchanges: Hacked for $78M, Liquidity Suspected Drained
AscendEX
4 months agoNews Editor

AscendEX Withdrawal Issues Signal Liquidity Crisis Amid Struggles of Small Exchanges

AscendEX (formerly Bitmax) has been reported to experience massive withdrawal anomalies, with user withdrawals stuck in "Initiating" status without on-chain hashes, suggesting potential liquidity depletion. The platform suffered a $78 million hack by Lazarus group in 2021 and has long lacked proof of reserves and third-party audits. This incident highlights the existential challenges faced by small and mid-sized crypto exchanges under tightening regulation and market concentration.

2470
AscendEX Withdrawal Issues Signal Liquidity Crisis Amid Struggles of Small Exchanges
AscendEX
4 months agoNews Editor

AscendEX Withdrawal Anomaly Reveals Struggles of Small Exchanges: Hacker History and Transparency Deficits

AscendEX (formerly Bitmax) recently experienced large-scale withdrawal anomalies, with user funds stuck in 'Initiating' status and no on-chain hash, suggesting a potential liquidity crisis. 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, resulting in low transparency. This incident highlights the survival challenges faced by small and medium crypto exchanges amid tightening regulations and industry consolidation, raising concerns about asset security and exchange credibility.

2240
AscendEX Withdrawal Anomaly Reveals Struggles of Small Exchanges: Hacker History and Transparency Deficits
AscendEX
4 months agoNews Editor

AscendEX Withdrawal Anomaly Sparks Liquidity Fears, Highlighting Survival Crisis for Mid-Small Exchanges

AscendEX (formerly Bitmax) is facing massive withdrawal anomalies, with user funds stuck in 'Initiating' status and no on-chain hash, hinting at liquidity issues. The exchange lost $78M to the Lazarus Group in 2021 and has lacked Proof of Reserves and third-party audits. This incident underscores the existential challenges for small-to-medium crypto exchanges amid tightening regulation and market concentration.

2340
AscendEX Withdrawal Anomaly Sparks Liquidity Fears, Highlighting Survival Crisis for Mid-Small Exchanges
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