On-chain detective ZachXBT states that AscendEX has not updated on platform X for 9 days, user withdrawals remain unprocessed while deposit functions are normal
A major victim reported issues to co-founder George Cao but received no response. ZachXBT suggests that users with funds stuck report to law enforcement and regulatory agencies.
Previously, on June 26, ZachXBT disclosed suspected liquidity issues at AscendEX, with user withdrawals delayed from several days to weeks.
Market mechanisms show that AscendEX users, acting as sellers, are accelerating withdrawals, prompting ZachXBT's exposure of the situation, leading funds to flow to more reliable exchanges; AscendEX is under pressure from liquidity doubts and reputational damage, while competitors benefit from user migration.
Source: Public information
ABAB AI Insight
AscendEX has faced multiple complaints regarding withdrawal delays. ZachXBT's follow-up continues the on-chain detective's supervision of liquidity at centralized exchanges, similar to the warning path before the FTX collapse.
In terms of capital flow, users are applying pressure through social media and regulatory reports, motivated by the desire to recover funds while accelerating the industry's reallocation from problematic exchanges to compliant platforms.
Similar to early liquidity doubts surrounding Binance or the Celsius incident, this case places the crypto exchange in a critical public investigation phase regarding liquidity crisis and collapse of user confidence.
Essentially, this is a capital reallocation: AscendEX's withdrawal delays expose liquidity issues, accelerating user capital concentration from problematic CEXs to reliable platforms and strengthening industry compliance pressure.
ABAB News · Cognitive Law
When withdrawal delays reach 9 days, user confidence equates to liquidity.
ZachXBT's exposure promotes industry transparency.
When AscendEX faces issues, compliant exchanges gain user migration.