ZachXBT: AscendEX appears to lack reserves of market-cap tokens such as ETH, USDT, USDC, and SOL

Odaily Odaily News: ZachXBT posted that multiple reports indicate centralized exchange AscendEX is delaying or failing to process user withdrawals for days or weeks. By examining known hot wallets on Arkham and TRM, its reserves appear to lack large market-cap tokens such as ETH, USDT, USDC, and SOL, suggesting it may be facing liquidity issues.

AscendEX was founded in 2018 by George Cao and Ariel Ling. In December 2021, it was reportedly hacked by the Lazarus Group, which stole $78 million. Its EVM hot wallet, Tron hot wallet, and Solana hot wallet addresses have all been monitored.