AscendEX Users Report Withdrawal Delays, Liquidity Concerns

Cryptocurrency exchange AscendEX is facing mounting user complaints and external scrutiny over delayed withdrawals, with a prominent blockchain investigator warning the platform may be experiencing liquidity issues. The exchange has not publicly addressed the specific allegations.

Multiple users have reported that withdrawal requests, particularly for stablecoins and major cryptocurrencies, have remained stuck in an "initiating" state for days or weeks without processing. Public complaints began on Tuesday, June 23, when a user stated a withdrawal of 4,196 USDT had been pending since June 10. At least five other users subsequently reported similar problems, noting that customer support inquiries had gone unanswered.

On Friday, June 26, on-chain investigator ZachXBT highlighted the situation, alleging that AscendEX's publicly known hot wallets appear to lack substantial reserves of widely traded assets like Ether (ETH), Tether (USDT), and Solana (SOL). He characterized this as a sign of potential liquidity problems on the platform and urged the exchange to provide clarity. Analysis of blockchain data from Arkham on the same day showed wallets tagged to AscendEX held approximately...