Cryptocurrency exchange AscendEX has recently experienced multiple withdrawal delays. On-chain investigator ZachXBT publicly stated on June 30 that he had received reports from multiple users whose withdrawal requests had been delayed for weeks without completion, and customer support had not provided a clear processing timeline. ZachXBT's on-chain analysis shows that AscendEX's publicly identifiable on-chain addresses hold assets worth approximately $20.2 million.
Core Findings and Data Limitations of ZachXBT's On-Chain Analysis
ZachXBT's report cited a specific case: a user's withdrawal request for approximately 4,196 USDT, initiated in mid-June, remained in a "processing" state. Repeated attempts to contact customer support yielded no specific response. Subsequently, other users shared similar experiences with delays involving assets such as USDT and ETH, indicating the anomaly is not an isolated case.
ZachXBT also explicitly noted that the on-chain data only reflects the asset status of publicly identifiable addresses and cannot cover the platform's cold wallets or other undisclosed addresses. Therefore, the available on-chain data is insufficient to determine whether AscendEX is insolvent or facing systemic liquidity shortages, nor can it rule out the possibility that the platform holds more assets in undisclosed addresses.
AscendEX's Official Response Status and Possible Explanations
As of June 30, 2026, AscendEX had not issued any official announcement explaining the withdrawal delays, nor had it provided a specific timeline for withdrawal resumption.
Market observers pointed out that possible non-financial reasons for the withdrawal delays include wallet maintenance, internal risk control procedures, system updates, or manual review mechanisms. None of these possibilities have been confirmed or ruled out by AscendEX's official statements.
Background on Reserve Transparency: Industry Discussion After FTX's Collapse
This incident has reignited market discussion on exchange reserve transparency. Before FTX collapsed in 2022, and prior to the crises at Voyager Digital and Celsius, early signs of slowing withdrawals emerged, making withdrawal delays a highly sensitive issue in the industry. After FTX's collapse, many centralized exchanges began publishing proof of reserves to rebuild market trust. The industry widely recognizes that proof of reserves only reflects the asset side and cannot fully capture platform liabilities, lending relationships, or liquidity management; a complete assessment requires financial disclosures and third-party audits.
Frequently Asked Questions
Does the $20.2 million on-chain figure for AscendEX represent the platform's total assets?
No. ZachXBT explicitly stated that the $20.2 million only represents the visible assets in publicly identifiable on-chain addresses and does not cover cold wallets or other undisclosed addresses. Therefore, this figure cannot be used as a complete basis for assessing AscendEX's overall financial condition or liquidity capability.
Has AscendEX previously had any security or regulatory incident records?
In December 2022, AscendEX was hacked, resulting in financial losses. The current withdrawal delay incident was publicly disclosed by ZachXBT following user complaints. As of this report, no official regulatory agency has issued a formal notice regarding this incident.
What protective measures should affected users take now?
ZachXBT has made this incident public. Affected users should preserve complete withdrawal application records, screenshots, and customer service communication logs. As of this report, AscendEX has not announced a specific withdrawal resumption timeline or any remedial measures. For further developments, users can follow ZachXBT's public reports.
