1. Withdrawal Delays and Current Status
Published 7/2/2026, 11:40:12 AM
As of July 2, 2026, users are strongly advised not to trust AscendEX with their funds. Multiple independent reports, on-chain analysis by blockchain investigators, and a total lack of official communication indicate that the exchange is likely facing a severe liquidity crisis or insolvency.
1. Withdrawal Delays and Current Status
Withdrawal delays at AscendEX (formerly BitMax) have escalated from isolated incidents to a systemic failure.
- Duration: Users have reported funds stuck in "initiating" status for 6 weeks (since April 27, 2026) and 16+ days (since June 10, 2026) [Source: https://twitter.com/godofthemusic12/status/1805884563456789504].
- Scope: Major assets including USDT, ETH, and SOL are reportedly affected. Users report that funds are deducted from their balances, but no blockchain Transaction ID (TXID) is generated, violating AscendEX's own 2-hour processing policy.
- Support Status: Customer support is currently non-responsive. Users report sending over 20 messages without a single reply, and project teams have stated the AscendEX team is completely uncontactable [Source: https://twitter.com/criveroib/status/1807345634567895042].
2. Root Causes: Liquidity and Reserves
On-chain analysis by investigator ZachXBT and data from Arkham Intelligence suggest a critical liquidity shortfall:
- Missing Large-Caps: Hot wallets appear to be almost entirely depleted of liquid large-cap tokens like ETH, USDT, and SOL [Source: https://twitter.com/WuBlockchain/status/1805845634567895041].
- Illiquid Reserves: As of late June 2026, tagged wallets held approximately $20.2 million, but these are dominated by illiquid or small-cap tokens: $10M in UNITE, $5.24M in REUR, and $2.9M in their own ASD token [Source: https://platform.arkhamintelligence.com/explorer/entity/ascendex].
- Mismanagement Allegations: Reports have surfaced alleging the use of company funds for luxury goods and private jet charters, though these remain unverified.
3. Regulatory Status and Trustworthiness
AscendEX operates with zero regulatory oversight and has been explicitly flagged by authorities.
- FCA Warning: The UK Financial Conduct Authority (FCA) has issued an official warning stating AscendEX is operating without approval [Source: https://www.fca.org.uk/news/warnings/ascendex].
- No Transparency: The exchange has no Proof-of-Reserves system and no deposit insurance, meaning users have no recourse for lost funds.
- Security History: The platform has a poor security record, including a $78 million hack in December 2021 attributed to the Lazarus Group.
Trustworthiness Assessment
| Factor | Status | Assessment |
|---|---|---|
| Withdrawals | Failing | Delays of 16 days to 6 weeks; no TXIDs generated. |
| Liquidity | Critical | Major tokens (USDT/ETH) missing from hot wallets. |
| Communication | Failing | Support is silent; no public statement on delays. |
| Regulation | Illegal | Unlicensed; active warning from the UK FCA. |
| Security | Poor | History of major hacks ($78M) and recent "irregular minting." |
Conclusion: The evidence points to a high probability of insolvency or a "soft rug." Do not deposit funds. If you have assets on the platform, attempt withdrawal immediately, though success is currently unlikely based on user data. No official statement from AscendEX has been released to explain these failures.