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ETH 
SOL ZachXBT issued a warning about AscendEX\'s liquidity problems, and user withdrawals were blocked.
ZachXBT once again questioned the platform\'s liquidity situation.
The cryptocurrency exchange AscendEX announced that it would stop operating after the MiCA transition period ended on July 1. After it exited the market, blockchain detective ZachXBT publicly warned the platform of liquidity problems, claiming that it might not be able to process customer withdrawals.
The exchange previously stated in an announcement that due to the severe market environment and the regulatory requirements of the European Union\'s Cryptocurrency Asset Markets Act (MiCA)-many cryptocurrency companies that fail to obtain the necessary authorizations cannot continue to operate in the region-So it decided to gradually shut down.
After the shutdown decision took effect, account access rights have been restricted to exit the process only, and the automatic withdrawal function has also been suspended. The exchange stated that all withdrawal requests will enter the manual review process and may face delays, require additional information, or even be unable to process them.
Theannouncement states: \"We currently cannot provide any guarantees regarding processing time or amount. Outside of the prescribed review process, no account holder or group of account holders will receive priority treatment.\"
ZachXBT previously revealed on Telegram that many users of the platform have experienced withdrawal delays for days or even weeks, and some requests have not been processed at all. The blockchain detective said his analysis found that AscendEX\'s hot wallet holds almost no major asset reserves such as USDT, ETH, USDC and SOL, so he believes the platform is facing liquidity difficulties.
Community feedback also confirms this situation. Many users who tried to transfer funds out of the exchange said their transaction status had been stuck in \"initiating\" for more than a week. In a subsequent post, ZachXBT claimed that the platform had not processed transactions involving users exceeding seven figures.
He also urged affected users to take legal action, report the case to local police and contact relevant regulatory agencies to hold the platform accountable.
AscendEX confirms financial issues
The exchange was founded in 2018 by George (Jing) Cao and was once an important cryptocurrency platform. However, AscendEX was hacked in December 2021, resulting in the theft of approximately $78 million in digital assets.
In a statement, the company said its decision to shut down was mainly influenced by financial and operational issues, and revealed that a strategic deal designed to provide liquidity failed. At the same time, the market environment has also increased the pressure, forcing companies to evaluate their financial situation and all available options for account holders.
The company finally advised users to submit any complaints through official channels and stated that if bankruptcy proceedings were initiated, users would be notified of the next steps.
