ZachXBT: AscendEX Withdrawal Issue Still Unresolved, Affected Users Advised to File Complaint with Regulatory Agency

BlockBeats News, July 2, On-chain sleuth ZachXBT posted an update, stating that since his disclosure on June 26 that AscendEX (formerly BitMax) was suspected of experiencing liquidity issues, the exchange has not issued any updates on the X platform for 9 consecutive days. User withdrawals are still not being processed, but the deposit function remains open.

ZachXBT stated that he reviewed a case involving a large user and found that the user had contacted AscendEX co-founder George (Jing) Cao multiple times regarding the issue, but did not receive a response. He advised users whose funds are trapped to report to law enforcement and regulatory agencies in their respective countries or regions.

Previously, on June 26, ZachXBT issued a post warning that he had observed multiple user feedback indicating withdrawal delays on AscendEX for several days or even weeks, or an inability to process withdrawals. Through reviews with Arkham and TRM after examining AscendEX's known hot wallets, it was found that the wallets lacked reserves of popular assets such as ETH, USDT, and SOL, leading to the belief that the platform may be facing liquidity issues. AscendEX was established in 2018 by George (Jing) Cao and Ariel Ling. In December 2021, it was attacked by the North Korean hacker group Lazarus Group, resulting in a loss of around $78 million.