AscendEX is facing renewed withdrawal pressure after ZachXBT said users are still unable to process withdrawals while deposits continue to be accepted.
The latest AscendEX update said the exchange had not posted on X for nine days since the investigator’s earlier warning. ZachXBT also said he reviewed a large victim case in which the user received no response from AscendEX co-founder George Jing Cao on the concerns raised.
The update shifts the story from the first liquidity warning into a follow-up about unresolved user access. ZachXBT encouraged users with stuck funds to file reports with law enforcement and regulators in their own countries.
The earlier AscendEX withdrawal warning focused on user complaints, thin visible hot wallets and the need to monitor exchange-linked addresses across EVM chains, Tron and Solana. The new update adds a clearer user-action step as withdrawal complaints remain unresolved.
Withdrawals Stay Stuck While Deposits Remain Open
The complaints center on withdrawal requests that users say have remained stuck since June 10, with funds not reaching the blockchain and no transaction hash generated. That distinction is important for affected users because a pending exchange withdrawal without a TXID cannot be independently tracked onchain.
A withdrawal TXID marks the point at which AscendEX has completed the transfer to the blockchain. AscendEX’s support page tells users to contact support if no TXID is generated within two hours, while large withdrawals may require manual review.
ZachXBT’s earlier review of known hot wallets flagged limited visible liquidity in major assets including ETH, USDT and SOL. Thin labeled hot wallets do not prove insolvency because exchanges can hold assets in cold wallets, custody accounts and unlabeled wallets. The concern increases when visible liquidity looks thin at the same time users report delayed withdrawals and deposits remain available.
Similar reserve-visibility concerns also surfaced around Ju withdrawal delays, where user access, reserve transparency and exchange communication became the main pressure points.
Exchange Silence Adds To User Pressure
AscendEX has not issued a detailed public status update addressing the latest withdrawal complaints, the hot-wallet concerns or the processing timeline for affected users. The exchange’s silence leaves customers tracking support replies, visible wallet balances and ZachXBT’s Telegram updates rather than an official withdrawal notice.
The situation remains a withdrawal-access and liquidity-visibility concern, not a confirmed insolvency event. AscendEX has not announced a hack, court filing, enforcement action, restructuring process or recovery plan tied to the latest complaints.
As of July 2, ZachXBT said user withdrawals were still not being processed, deposits were still being accepted, and affected users should contact law enforcement and regulators in their countries.
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