ZachXBT: AscendEX hot wallet lacks mainstream token reserves, multiple users' withdrawals delayed for weeks

On June 26, on-chain analyst ZachXBT issued a community alert on X, stating that multiple users of centralized exchange AscendEX (formerly Bitmax) have reported withdrawal delays ranging from several days to weeks, with some unable to process at all. ZachXBT used on-chain analysis tool Arkham to examine AscendEX's hot wallets and found their reserves lacked mainstream large-cap tokens such as ETH, USDT, and SOL.

ZachXBT Examines AscendEX's Known Hot Wallets, Finds Reserves Lacking ETH, USDT, SOL

In his community alert, ZachXBT explained that he checked AscendEX's known hot wallet addresses using on-chain analysis tools Arkham and TRM, finding their reserves lacking mainstream large-cap tokens such as ETH (Ethereum), USDT (Tether), and SOL (Solana). These tokens are the most commonly withdrawn assets by users; a lack of such tokens in hot wallet reserves is typically an on-chain indicator of exchange liquidity pressure.

Multiple AscendEX Users Have Reported Withdrawal Delays of Days to Weeks, Some Withdrawals Unprocessed

According to ZachXBT's community alert, multiple AscendEX users have reported withdrawal delays to him, with delays ranging from several days to several weeks. Some users reported that withdrawals were completely unprocessable. ZachXBT combined these user reports with his observation of on-chain hot wallet reserves, concluding that AscendEX may be facing liquidity issues.

AscendEX Was Previously Attacked by Lazarus Group, Losing $78 Million

AscendEX, formerly BitMax.io, was founded by George Cao and Ariel Ling in 2018. In November 2021, the platform completed a rebranding, changing its English name to AscendEX and its Chinese name to "鼎峰". In December 2021, AscendEX was attacked by the North Korean hacker group Lazarus Group, resulting in a loss of approximately $78 million.

FAQ

How did ZachXBT determine that AscendEX may be facing liquidity issues?

ZachXBT examined AscendEX's known hot wallet addresses using on-chain analysis tools Arkham and TRM, finding their reserves lacking mainstream large-cap tokens such as ETH, USDT, and SOL. Combined with multiple user reports of withdrawal delays, he concluded the exchange may be facing liquidity pressure. As of the time of the alert, AscendEX had not issued an official response.

Has AscendEX experienced any major security incidents before?

Yes. In December 2021, AscendEX was attacked by the North Korean hacker group Lazarus Group, suffering a loss of approximately $78 million. This was one of the larger hacker incidents in the crypto exchange space to date.

What company is AscendEX, and who is its current management?

AscendEX, formerly BitMax.io, was founded in 2018 by George Cao (CEO) and Ariel Ling (COO), and completed its rebranding in November 2021. As of June 26, 2026, AscendEX had not issued an official response to ZachXBT's community alert.