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

Odaily reported that ZachXBT stated there are multiple reports indicating that 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-cap tokens such as ETH, USDT, USDC, and SOL, suggesting it may be facing liquidity issues.

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