AscendEX Shutdown Sparks Fresh Fears Over Customer Withdrawals
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AscendEX halted operations and put withdrawals under manual review, warning that withdrawals may not be processed and leaving users uncertain about accessing funds. Blockchain investigator ZachXBT says AscendEX’s public hot wallets appear insufficient to cover verified multi-million-dollar customer claims and the exchange blamed financial strain and MiCA rules, renewing concerns about CEX liquidity, security and market confidence in crypto.
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- AscendEX halted operations as manual withdrawal reviews left customers uncertain about accessing their funds.
- ZachXBT questioned AscendEX’s liquidity, saying its hot wallets may not cover verified customer claims.
- AscendEX blamed financial strain and MiCA as its closure renewed concerns over exchange stability.
Blockchain investigator ZachXBT raised fresh concerns after crypto exchange AscendEX announced it would shut down, leaving customers uncertain about whether they will be able to withdraw their funds.
In a Telegam post, he said users with money still on the platform could face challenges getting it back, claiming the exchange’s publicly known hot wallets do not appear to hold enough liquid assets to cover verified multi-million-dollar customer claims.
“AscendEX admits in its announcement withdrawals may or may not be processed,” ZachXBT wrote. He urged …
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