ZachXBT: AscendEX suspected of liquidity issues, user withdrawals delayed for days to weeks

CoinFeed June 26 news, ZachXBT posted a community alert on X platform, the centralized exchange AscendEX (formerly Bitmax) has been reported by multiple users for withdrawal delays ranging from days to weeks or even inability to process. ZachXBT checked the exchange's known hot wallets via Arkham and TRM and found that its reserves lack mainstream large-cap tokens such as ETH, USDT, SOL, possibly facing liquidity issues. AscendEX was founded by George Cao and Ariel Ling in 2018, and suffered a Lazarus Group hack in December 2021, losing approximately $78 million.