AscendEX faces liquidity concerns after users report withdrawal delays

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Pavlo Kot

26.06.2026

AscendEX faces liquidity concerns after users report withdrawal delays — AscendEX under scrutiny

Users of cryptocurrency exchange AscendEX have reported withdrawal delays, prompting blockchain investigator ZachXBT to suggest the platform may be experiencing liquidity issues.

According to ZachXBT, AscendEX's hot wallets hold insufficient balances of major assets, including Ethereum, USDT, and Solana. He warned that the situation could have serious consequences for users if left unresolved.

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The investigator urged the exchange to publicly explain the withdrawal delays and provide greater transparency regarding its reserves.

As of publication, AscendEX had not commented on the situation.

Users report delayed withdrawals

One of the first complaints came from X user Lorenzo Navarro Rodriguez, who said a withdrawal request for 4,196 USDT, submitted on June 10, remained stuck in the "initiating" status for several days while customer support failed to respond.

In the following days, at least five other users reported similar issues, saying their withdrawal requests had also been delayed.

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According to Arkham, wallets associated with AscendEX currently hold approximately $20.2 million in assets. However, a significant portion of those reserves consists of low-liquidity tokens, while holdings of major cryptocurrencies remain relatively limited.

Exchange reserves remain under scrutiny

The adequacy of exchange reserves has remained one of the crypto industry's most closely watched issues since the collapse of FTX in 2022. At the time, a surge in customer withdrawal requests exposed a multibillion-dollar shortfall in assets and ultimately pushed the exchange into bankruptcy.

Following the collapse, many crypto exchanges began publishing Proof of Reserves reports to improve transparency and strengthen user confidence.

For example, in June 2026, Gate.io reported a 115% reserve ratio across nearly 500 customer assets, stating that reserves of its major cryptocurrencies exceed customer liabilities.

Earlier, a group of U.S. senators urged President Donald Trump not to consider pardoning former FTX CEO Sam Bankman-Fried, arguing that such a move could undermine confidence in the enforcement of financial crime laws.

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