Newsroom
AscendEX Users Report Withdrawal Delays as ZachXBT Questions Reserves
26 June, 2026 / News / AI / 693 reads / Tags: ascendex, zachxbt, hot, arkham, withdrawal
Multiple users have described stuck withdrawal requests on the cryptocurrency exchange, with blockchain investigator ZachXBT pointing to limited holdings in hot wallets for major assets
User Complaints Accumulate
Several customers on AscendEX have reported that their withdrawal requests remain in an initiating or processing state for days or even weeks. In one case, a user mentioned a 4,196 USDT withdrawal pending since June 10, with support inquiries receiving no response.
Other reports include funds deducted from account balances without corresponding blockchain transaction hashes appearing. Similar issues affected withdrawals of assets like PAXG, with some delays extending up to 10 days according to forum posts.
- Withdrawals stuck in "initiating" status with no TXID generated.
- Repeated customer support contacts left unanswered.
- Complaints predating public statements by several days.
ZachXBT Raises Liquidity Questions
Blockchain investigator ZachXBT reviewed known AscendEX hot wallet addresses using platforms like Arkham and TRM. He noted limited holdings of large-cap tokens such as ETH, USDT, and SOL.
ZachXBT urged the exchange to address community questions regarding the delays and low hot wallet balances. He shared specific wallet addresses linked to the platform in his analysis.
Wallet Data Overview
According to Arkham data, AscendEX-tagged wallets held around $20.2 million in crypto assets. Holdings were concentrated in smaller-cap tokens, including significant amounts of UNITE, REUR, and ASD.
Exchange Background and Past Incidents
AscendEX, which rebranded from BitMax, launched in 2018. The platform offers trading in over 250 digital assets across spot, margin, and derivatives markets.
In December 2021, AscendEX experienced a $78 million hack affecting hot wallets on Ethereum, BNB Chain, and Polygon networks, later attributed to the Lazarus Group. More recently, in May 2026, the exchange paused withdrawals for two stablecoins due to irregular token activity.
- Hot wallets handle daily operations and user withdrawals.
- Exchanges commonly store the majority of funds in cold storage.
- Low hot wallet balances alone do not confirm broader issues.
Platform Response and Policies
AscendEX help center documentation indicates users should receive a transaction ID within two hours of a withdrawal request. The exchange had not issued a public statement addressing the recent complaints as of June 26, 2026.
| Aspect | Details |
|---|---|
| Hot Wallet Holdings | Limited major assets per Arkham data |
| Withdrawal Policy | TXID expected within 2 hours |
| Past Security Event | $78M hack in 2021 |
Users facing delays have also been advised to watch for scam recovery services seeking upfront fees.
Disclaimer
This article was generated by AI using information from multiple industry sources. It has not been reviewed or verified by a human editor and may contain inaccuracies, omissions, or misinformation. Readers are encouraged to independently verify any information before making decisions based on its content.Associated articles
AscendEX Exchange Shuts Down With No Guarantee on User Fund Recovery
BitMart Founder Denies Fleeing With Funds Amid Accelerating Withdrawals and Wind-Down
Binance to Remove Six Tokens From Spot Trading on August 17
Revolut Delists USDT for European Users Under MiCA Rules
ZachXBT Accuses LAB Insiders of Controlling 95% Supply Amid $6B Valuation and Massive Bitget Withdrawals
Latest articles
Coreum XRPL Bridge Loses Nearly 200,000 XRP in 97-Minute Exploit
Strategy Sells 1,690 Bitcoin for $108.6 Million, Boosts Cash Reserve to $4.65 Billion
UK Regulator Advances Tokenized Gold Standards with Banks for Wholesale Markets
Ethereum Whale Sells 7,323 ETH at $19 Million Loss After Multi-Year Hold
