Question 1

What is happening with AscendEX withdrawals?

Accepted Answer

Multiple users report that withdrawal requests remain in a pending or "initiating" state for days or weeks without a blockchain transaction ID being generated, meaning funds leave the available balance but no on-chain transfer is visible.

Question 2

Are AscendEX's hot wallets actually empty?

Accepted Answer

ZachXBT reviewed publicly labeled hot wallets using Arkham and TRM and said they appeared to lack significant holdings of ETH, USDT, USDC and SOL, though exchanges typically hold most customer assets in unlabeled cold storage, so hot wallet balances alone do not confirm insolvency.

Question 3

Has AscendEX responded to the liquidity allegations?

Accepted Answer

As of June 26, 2026, AscendEX had not issued any public statement addressing the withdrawal delays or ZachXBT's findings.

AscendEX

ZachXBT raises liquidity alarm as AscendEX users report withdrawal issues

One sharp brief.
Every day.

AscendEX

ZachXBT raises liquidity alarm as AscendEX users report withdrawal issues

One sharp brief.Every day.

One sharp brief.
Every day.