On-chain investigator ZachXBT has called on users with funds locked on cryptocurrency exchange AscendEX to report the platform to law enforcement agencies and financial regulators, as complaints about delayed withdrawals continue to grow.
In a Telegram update, ZachXBT said AscendEX had remained silent on X for nine days following his earlier warning about withdrawal issues. According to him, users are still unable to withdraw funds, even though the exchange continues to accept deposits.
He also claimed to have reviewed a case involving a large customer who allegedly received no response from AscendEX co-founder George Jing Cao regarding the withdrawal issue.
“If you have funds stuck, I encourage you to file a report with law enforcement and regulators in your country,”
ZachXBT wrote.
Withdrawal delays raise new concerns
The latest warning follows ZachXBT’s earlier claims that AscendEX, formerly known as BitMax, had been delaying user withdrawals for days or even weeks. Several users also alleged that some withdrawal requests were not being processed at all.
The investigator previously said he reviewed publicly visible exchange wallets through blockchain analytics platforms Arkham and TRM Labs. Based on those observations, he claimed that AscendEX’s known hot wallets appeared to hold limited amounts of major cryptocurrencies, including Bitcoin, Ether, USDT, USDC, and Solana.
AscendEX has not publicly confirmed those claims. Exchange reserves may also include cold wallets, third-party custodians, or wallet addresses that are not publicly identified.
Why is ZachXBT questioning AscendEX’s deposits?
ZachXBT also criticized AscendEX after the exchange promoted a new token listing while users continued reporting withdrawal problems.
On June 26, he publicly questioned why the exchange was still accepting deposits despite unresolved withdrawal complaints and concerns over its visible hot wallets. He also warned users against depositing additional funds until the company addresses the issues.
🚀 #AscendEX will list the @TokenNusa (#NST) under the trading pair #NST/USDT. Details are as follows:
✅Deposit: Enabled
✅Trading: June 23, 13:00 PM UTC
✅Withdrawal: Enabled👀 More Details👉https://t.co/PS25LAwbZW
🔗 Trade Now👉 https://t.co/ze92aK3ngh
👥 Join our official… pic.twitter.com/TdQNDU987v— AscendEX (@AscendEX_) June 23, 2026
AscendEX had earlier announced that deposits, trading, and withdrawals for TokenNusa’s NST token were available, but the exchange has not publicly responded to ZachXBT’s questions.
Withdrawal transparency remains a key trust test
Withdrawal processing remains one of the strongest indicators of trust for centralized crypto exchanges. Users typically expect a blockchain transaction ID once a withdrawal is processed, allowing them to independently verify that funds have left the platform.
When no on-chain transaction appears, users must rely on updates from the exchange, making clear communication essential during delays.
Founded in 2018 by George Jing Cao and Ariel Ling, AscendEX rebranded from BitMax and was previously linked to a 2021 hack that resulted in losses of about $78 million. The attack was later attributed to the Lazarus Group. Since then, the exchange has continued operating, but the latest withdrawal complaints have renewed scrutiny over its operations.
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