On-chain investigator ZachXBT urged users with funds stuck on AscendEX to file reports with law enforcement and regulators in their countries.
summary
- ZachXBT said AscendEX withdrawals remain unprocessed while deposits are still available to users.
- Affected users are urged to report stranded funds to law enforcement and regulators in their countries.
- Previous portfolio checks raised concerns about liquidity after key assets appeared to be limited in known hot portfolios.
The update comes after earlier allegations that the central exchange was delaying or failing to process user withdrawals.
The investigator said in A Telegram update That AscendEX has not posted on X for nine days since its previous alert. He also said that withdrawals are still not being processed while deposits remain available.
ZachXBT said it reviewed a case involving a major victim who allegedly received no response from AscendEX co-founder George Jing Cao.
“If you have funds stuck, I encourage you to file a report with law enforcement and regulators in your country,” he wrote.
AscendEX withdrawal concerns are growing
The latest update follows ZachXBT earlier Community alertHe said he had noticed multiple reports that AscendEX, formerly BitMax, was delaying withdrawals for days or weeks. Some users claimed that withdrawals were not processed at all.
Ditto I mentionedZachXBT has warned that AscendEX may face liquidity issues after reviewing known hot exchange wallets on Arkham and TRM. He said the wallets appear to lack large-cap assets such as ETH, USDT, USDC and SOL.
The claim has not been confirmed by AscendEX. Exchange reserves can include cold wallets, third-party sponsorships, or addresses that are not publicly classified. However, the lack of a clear public update has led to continued pressure on the platform.
ZachXBT wonders about deposits and hot wallets
ZachXBT also questioned AscendEX’s public messaging after the exchange promoted a token listing on X. on June 26 Reply to AscendEXHe wondered why users were reporting late or incomplete withdrawals and why hot wallets on the exchange seemed to lack liquid assets.
Exchange Post June 23 Deposits, trading and withdrawals are enabled for TokenNusa’s NST token. ZachXBT responded that users should not deposit funds into the exchange until the company addresses the questions.
Withdrawal delays often become a trust issue because users need transaction IDs to verify that funds have left the exchange. If no transaction appears on-chain, users rely on the platform to have a clear timeline and proof that assets are still available.
Furthermore, AscendEX was founded in 2018 by George Jing Cao and Ariel Ling. The exchange was previously known as BitMax before rebranding. In December 2021, the platform was reportedly hacked for approximately $78 million, with the Lazarus Group later linked to the attack.
Exchange withdrawal delays remain in focus
The AscendEX case comes after other user complaints about centralized exchanges. As crypto.news reported, ZachXBT also tagged JuCoin Due to withdrawal delays and reserve concerns earlier in June. JuCoin blamed delays in upgrades and restructuring, while users questioned the quality of the reserve.
The pattern shows why withdrawal processing remains one of the most important trust signals for centralized platforms. When users request withdrawals, they expect a clear transaction ID and timeline. If funds leave the account balance but no blockchain transaction appears, users will have limited ways to check progress.
