Lazarus hack | Bit.Fan

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.

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AscendEX

4 months agoNews Editor

AscendEX Withdrawal Anomaly Reveals Liquidity Crisis, Intensifying Survival Challenges for Small- to Mid-Sized Exchanges

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.

2330

AscendEX

4 months agoNews Editor

AscendEX Withdrawal Anomaly Exposes Liquidity Crisis for Smaller Exchanges

AscendEX (formerly Bitmax) has been hit by a massive withdrawal anomaly, with user funds stuck in 'Initiating' status and no on-chain hash, signaling a potential liquidity crunch. The platform suffered a $78 million loss from a Lazarus Group hack in 2021 and has long lacked proof-of-reserves and third-party audits. This incident highlights the survival struggles of mid-to-small crypto exchanges amid tighter regulation and industry concentration.

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