ZachXBT Warns AscendEX Users of Potential Liquidity Issues and Delayed Withdrawals
ZachXBT says AscendEX customers are experiencing withdrawal delays, with some requests not being processed in any respect.
Several people reported that the transactions have been stalled for days, typically even weeks.
AscendEX Users Report Withdrawal Issues
The on-chain sleuth issued a warning in his Telegram group, alerting members to potential liquidity challenges.
“I’ve noticed a number of reviews that the centralized trade AscendEX (previously Bitmax) is delaying person withdrawals for days/weeks or not processing withdrawals,” he wrote.
After reviewing Arkham and TRM for recognized sizzling wallets, ZachXBT has noticed that the trade’s reserves appear to be missing the large-cap tokens like USDT, ETH, and SOL. This signifies that the platform is kind of more likely to have some liquidity issues. He additionally supplied some Solana, Tron, and EVM pockets addresses used within the investigation.
According to group reviews, customers who’ve tried to maneuver funds out of AscendEX have seen their transactions caught in “initiating” for over per week.
On Reddit, one person described their expertise, stating that the withdrawals don’t even produce a transaction ID. Their funds have been debited from their obtainable stability and are actually locked with none rationalization from the platform, they stated.
For its half, the trade is reportedly but to supply any significant help or explanations throughout its assist channels and has additionally not issued any public response to the issues.
AscendEX, previously generally known as Bitmax, was based by George Cao and Ariel Ling in 2018. North Korea’s Lazarus Group hacked the platform in December 2021 for $78 million.
ZachXBT Flags JuCoin Reserves Amid Withdrawal Problems
This isn’t the primary time an trade has confronted scrutiny over transaction processing delays. ZachXBT not too long ago flagged JuCoin for related issues, alleging that its reserves will not be backed by liquid property.
The blockchain detective questioned JuCoin’s reported $511 million reserves, saying most of this seemed to be tied to USDC and USDT issued on its JuChain with out clear backing. He additionally challenged the publicly listed workforce, saying that the venture appeared to be out of their management, however the workforce responded, saying the disruptions had been brought on by ongoing upgrades and restructuring.
However, affected customers continued to ask for clear timelines, transparency, and assurance that their property can be found for switch.
Attackers have additionally exploited JuDAO for $225,000 in April and a $20 million incident final yr. Meanwhile, the East Asian trade has rebranded a number of occasions prior to now.
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