While many crypto users believe in a cashless and fiatless world, it is yet to come. Most of us still have to perform a lot of transactions using good ol’ cash, including BTC and other crypto purchases. No matter whether you need a fiver for a cup of coffee or want to top up your Bitcoin wallet without having to go through a centralized bank, crypto ATMs can be of great help to anyone looking to convert their crypto to cash and vice versa.

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.