AscendEX users report withdrawal delays amid questions over liquidity

Multiple users have reported issues withdrawing funds from cryptocurrency exchange AscendEX. An X account using the name Lorenzo Navarro Rodriguez said a 4,196 USDT withdrawal had remained stuck in an “initiating” state since June 10 and that repeated customer support inquiries had gone unanswered.

At least five other users replied to the post over the following days, reporting similar withdrawal problems. On Friday, blockchain investigator ZachXBT posted on Telegram that the exchange lacked large-cap reserves for tokens such as Ether (ETH), USDT and Solana (SOL), suggesting potential liquidity issues.

He urged AscendEX to respond to the delayed withdrawal reports and clarify why its hot wallets showed low liquidity. Blockchain data on Arkham showed AscendEX-tagged wallets held about $20.2 million in crypto, concentrated in smaller-cap assets with limited holdings of major cryptocurrencies.

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