ZachXBT Urges Regulatory Action Against AscendEX Over Withdrawal Delays

The investigator, who has been monitoring the exchange’s hot wallets, claims that addresses linked to AscendEX appear to lack major liquid assets like ETH, USDT, USDC, and SOL. While exchange reserves often include cold storage or third-party custody not visible to the public, the platform’s silence has fueled user anxiety. ZachXBT noted that AscendEX has remained inactive on social media for over a week, even while continuing to promote new token listings.

Reports of delayed or failed withdrawals have persisted for weeks, with some users alleging that co-founder George Jing Cao has remained unresponsive to inquiries. The situation echoes a growing trend of scrutiny toward centralized exchanges, drawing parallels to earlier flags raised by the investigator regarding platforms like JuCoin. Given the lack of on-chain transaction IDs to verify fund movement, the exchange’s failure to provide a clear timeline has left users with few options beyond seeking external regulatory intervention.