AscendEX withdrawal delays spark liquidity concerns

On-chain analyst ZachXBT said he has received numerous reports that cryptocurrency exchange AscendEX is delaying user withdrawals for days to weeks, or not processing them at all. ZachXBT added that his analysis of the exchange's hot wallets on Arkham and TRM shows a shortage of major assets like ETH, USDT, and SOL, suggesting potential liquidity issues. He called on AscendEX to explain the withdrawal delays and asset shortages to its community and warned users against depositing funds on the platform. AscendEX previously suffered a hack of approximately $78 million in December 2021.