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.