AscendEX, a centralized cryptocurrency exchange, ceased operations on July 1, 2026, leaving users to navigate a manual withdrawal process with no guaranteed success. The shutdown followed warnings from on-chain investigator ZachXBT, who reported delayed withdrawals and flagged that the exchange's public hot wallets appeared to lack major assets including ETH, USDT, and SOL. All withdrawal requests now require manual review and may be delayed, require additional documentation, or fail to process entirely. The closure highlights custodial risk in the crypto industry, where users entrust platforms with asset custody but face uncertainty when operational issues arise.
AscendEX Ceases Operations with Manual Withdrawal Process
AscendEX confirmed its operational halt on July 1, 2026. While accounts remain accessible for limited exit purposes, every withdrawal request now undergoes manual review. According to the exchange, requests may be delayed, require additional documentation, or fail to be processed at all.
On-chain investigator ZachXBT had previously raised concerns, citing multiple reports of delayed or unprocessed withdrawals from AscendEX. ZachXBT pointed out that the exchange's public hot wallets appeared to be running low on major assets — specifically ETH, USDT, and SOL — suggesting potential liquidity issues before the official closure announcement. Users who acted on ZachXBT's warning may have been able to exit before the shutdown, while those who delayed now face an uncertain recovery process.
AscendEX Background: BitMax Founding and Top-10 Market Position
AscendEX was founded in 2018 as BitMax by George Cao and Ariel Ling. Cao holds a PhD in computer science from the University of Chicago. The platform rebranded to AscendEX as part of its push to expand global presence and institutional appeal.
At its peak, AscendEX ranked among the top-10 centralized crypto exchanges in the world by trading volume. This position placed the exchange among the industry's most prominent platforms before its eventual closure.
AscendEX Funding and December 2021 Lazarus Group Hack
In 2021, AscendEX closed a $50 million Series B funding round led by Polychain Capital and Hack VC. The investment signaled institutional confidence in the exchange at the time.
Months after the funding round, AscendEX suffered a security breach in December 2021. The hack was attributed to the Lazarus Group — a North Korea-linked threat actor responsible for numerous high-profile crypto thefts — and resulted in losses of approximately $78 million. The Lazarus Group typically targets exchange hot wallets with precision, and the breach likely created long-term operational and reputational challenges for the platform.
FAQ
When did AscendEX cease operations?
AscendEX ceased operations on July 1, 2026.
What happens to withdrawal requests after AscendEX shut down?
All withdrawal requests require manual review and may be delayed, require additional information, or might not be processed at all.
Who warned about AscendEX's withdrawal issues before the shutdown?
On-chain investigator ZachXBT warned about withdrawal delays and the apparent lack of major assets — including ETH, USDT, and SOL — in AscendEX's public hot wallets before the shutdown was announced.
