AscendEX withdrawal complaints mount as ZachXBT questions reserves
Users have reported delayed withdrawals on AscendEX, raising concerns about possible liquidity problems. One user said a 4,196 USDT withdrawal had stayed in “initiating” status since June 10, with customer support reportedly unresponsive. Several others described similar issues. Blockchain investigator ZachXBT said AscendEX appears to lack enough large-cap reserves in assets like ETH, USDT, and SOL, which could explain withdrawal delays. On-chain data reviewed from Arkham showed AscendEX-tagged wallets held about $20.2 million in crypto, mostly smaller-cap tokens rather than major liquid assets. Its largest holdings included UNITE, REUR, ASD, and rUSD. The situation has drawn attention because exchange liquidity concerns carry extra weight after FTX’s collapse exposed a major shortfall and triggered broader industry withdrawals.
