ZachXBT, a prominent blockchain investigator, has publicly alleged that centralized exchange AscendEX (formerly Bitmax) is delaying customer withdrawals for days or weeks, or failing to process withdrawal requests altogether. The allegations point to acute liquidity constraints at the platform, which reportedly lacks sufficient reserves of major cryptocurrencies including ETH, USDT, and SOL.
The accusation compounds existing vulnerabilities at AscendEX, which suffered a significant security breach in December 2021 when the Lazarus hacking group stole approximately $78 million from the exchange. That incident underscored operational and security weaknesses that the platform has since worked to remediate, though recent allegations suggest underlying structural problems persist.
If confirmed, the withdrawal delays would represent a critical failure of basic exchange functionality and raise questions about AscendEX's financial health and ability to meet customer obligations. The allegations have not been independently verified by regulatory authorities or third-party audits, though ZachXBT's previous disclosures have proven consequential in exposing platform vulnerabilities.