Current Status of Operations
Published 7/2/2026, 4:40:36 PM
As of July 2, 2026, research indicates that AscendEX is blocking or severely restricting user withdrawals while continuing to accept deposits. The exchange has been publicly silent for nine consecutive days following a community alert by blockchain investigator ZachXBT regarding potential liquidity issues and depleted reserves.
Current Status of Operations
Multiple reports from users and on-chain investigators confirm a discrepancy between the exchange's deposit and withdrawal functionalities.
| Feature | Status | Details |
|---|---|---|
| Withdrawals | ❌ Blocked / Restricted | Users report withdrawals stuck in "initiating" status for 9+ days; some reports date back to June 10 [Source: 1, 2]. |
| Deposits | ✅ Active | The exchange continues to accept deposits and list new tokens, such as NovaChargeX (NCX) on July 1 [Source: 1, 3]. |
| Official Communication | 🔇 Silent | No official posts or responses to complaints since June 23, 2026 [Source: 4]. |
Liquidity and Reserve Concerns
On June 26, 2026, investigator ZachXBT flagged that AscendEX's known hot wallets appear to be depleted of major liquid assets. The exchange's remaining reserves are reportedly concentrated in illiquid, small-cap tokens, raising significant insolvency concerns [Source: 5, 6].
- Estimated Reserves: Approximately $20.2 million, primarily held in UNITE ($10M) and REUR ($5.2M) [Source: 1].
- Missing Assets: On-chain analysis suggests a critical lack of ETH, USDT, USDC, and SOL in primary exchange wallets [Source: 5].
User Reports and Official Response
There is currently no official statement from AscendEX addressing these issues. User complaints have mounted on social media, with some individuals reporting unresolved withdrawal cases involving tens of thousands of USDT that have been pending for over six weeks [Source: 7].
Conclusion: The evidence strongly suggests AscendEX is experiencing a liquidity crisis. The exchange is actively accepting new funds (deposits) while failing to process outgoing transactions (withdrawals). Users are urged to exercise extreme caution and avoid depositing any further assets to the platform.