AscendEX users report withdrawals stuck; analyst flags reserves

Users of cryptocurrency exchange AscendEX reported delayed withdrawals, including a 4,196 USDT transfer that a user account identified as Lorenzo Navarro Rodriguez said has remained in an “initiating” state since June 10.

At least five other account holders responded to the post over several days, reporting similar problems and saying repeated customer support requests went unanswered.

On Friday, blockchain investigator ZachXBT posted on Telegram noting that AscendEX’s hot wallets held limited amounts of major assets such as Ether (ETH), USDT and Solana (SOL), and asked the exchange to explain the delayed withdrawals and disclose hot wallet liquidity.

Blockchain-tracking data from Arkham tied to wallets labeled AscendEX showed roughly $20.2 million in crypto holdings. The largest single holding listed was about $10 million in UNITE tokens, followed by $5.24 million in REUR, $2.9 million in ASD and about $600,000 in Reservoir rUSD stablecoins. The Arkham snapshot showed a concentration in smaller-cap tokens and lower reported balances of widely traded currencies.

AscendEX had not issued a public response to the withdrawal reports or the questions about its wallet balances before publication.

Following the 2022 collapse of FTX, market participants and regulators increased attention on exchange liquidity and many platforms began publishing proof-of-reserves updates to show available assets.

Users affected by the reported delays are awaiting an official statement from AscendEX clarifying the cause of the hold-ups and whether pending transfers will be completed or refunded.