AscendEX (formerly Bitmax) has been hit by a massive withdrawal freeze, with user funds stuck in 'Initiating' status and no on-chain transaction hashes, raising fears of liquidity insolvency. The platform suffered a $78 million loss from a 2021 Lazarus hacker attack and has long lacked proof of reserves and third-party audits, undermining transparency. This incident highlights the existential challenges facing mid-tier crypto exchanges amid tightening regulation and industry consolidation.

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.

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.

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.

Cryptocurrency exchange AscendEX (formerly Bitmax) faces a major withdrawal crisis, with user funds stuck in 'Initiating' status and no on-chain confirmations, sparking fears of liquidity insolvency. The platform suffered a $78 million hack by the Lazarus syndicate in 2021 and has since lacked proof-of-reserves and third-party audits. The incident underscores the existential challenges faced by mid-to-small exchanges amid tighter regulation and market consolidation.

AscendEX (formerly Bitmax) has been hit by a widespread withdrawal anomaly, with users' funds stuck in 'Initiating' status for hours without on-chain confirmation, signaling potential liquidity depletion. The platform previously lost $78 million in a 2021 Lazarus Group hack and has since failed to provide Proof of Reserves or undergo third-party audits, raising transparency concerns. The incident highlights the growing existential struggles of smaller crypto exchanges amid tightening regulations and industry consolidation.

Crypto exchange AscendEX (formerly Bitmax) has been hit by a large-scale withdrawal anomaly, with user funds stuck in 'Initiating' status without on-chain hash confirmation, indicating possible liquidity exhaustion. The platform suffered an $78 million hack by Lazarus Group in 2021 and has long lacked proof-of-reserves and third-party audits. This incident highlights the existential squeeze on mid-small exchanges amid tightening regulation and market concentration, raising serious concerns about asset safety on smaller platforms.

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.