\n\t\t\t\t\t\t\t\t\tAscendEX says withdrawals will be handled manually, with no guarantees on processing times or payment amounts.\t\t\t\t\t\t\t\t<\/p>\n
AscendEX said it stopped operating on July 1 after the MiCA transition period ended.<\/p>\n
Following its exit, ZachXBT warned the public about the platform\u2019s liquidity, alleging that it wouldn\u2019t be able to process customer withdrawals.<\/p>\n
In its announcement, the crypto exchange said that it was winding down due to challenging market conditions and the European Union\u2019s Markets in Crypto-Assets (MiCA) regulation, which left several crypto firms unable to operate<\/a> in the region after failing to obtain the required authorization.<\/p>\n Following the decision, account access has been limited to offboarding processes, while automated withdrawals have been paused. The exchange said all withdrawal requests will now go through manual reviews and may be delayed, require additional information, or fail to be processed.<\/p>\n \u201cWe are not in a position to give assurances about timing or amounts today. No account holder or group of account holders is given priority outside the documented review process,\u201d read the notice.<\/p>\n ZachXBT had previously shared<\/a> on Telegram that several of the platform\u2019s users were experiencing withdrawal delays for days or weeks, with some requests not being processed at all. The blockchain detective said his analysis found that AscendEX\u2019s hot wallets had almost no reserves of major assets such as USDT, ETH, USDC, and SOL, leading him to believe that it was facing liquidity challenges.<\/p>\n Community reports corroborated the situation, with many individuals who had tried to move funds out of the exchange saying their transactions had been stuck in \u201cinitiating\u201d for over a week. In a follow-up post, ZachXBT claimed<\/a> that the platform has yet to process over 7 figures worth of transactions for its users.<\/p>\n He also urged the affected to take legal action by filing police reports and speaking to the relevant regulators in their countries to hold the platform accountable.<\/p>\n The exchange, founded in 2018 by George (Jing) Cao, was once a major crypto platform. However, AscendEX fell victim to a hack in December 2021 that drained<\/a> about $78 million in digital assets.<\/p>\n In its statement, the firm said<\/a> that its decision to shut down was heavily influenced by financial and operational issues, explaining that a strategic transaction meant to provide liquidity had failed. It added that market conditions had also contributed to the pressure, causing the company to assess its financial position and all available options for account holders.<\/p>\n The firm concluded by advising users to forward any complaints through its official channels and said that it would notify them of any next steps should insolvency proceedings be initiated.<\/p>\n SPECIAL OFFER (Exclusive)<\/span>
AscendEX says withdrawals will be handled manually, with no guarantees on processing times or payment amounts. AscendEX said it stopped operating on July 1 after the MiCA transition period ended. Following its exit, ZachXBT warned the public about the platform\u2019s liquidity, alleging that it wouldn\u2019t be able to process customer withdrawals. ZachXBT Raises Fresh […]<\/p>\n","protected":false},"author":1,"featured_media":34784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg","fifu_image_alt":"","footnotes":""},"categories":[11990],"tags":[14122,24760,3584,4128,24723,4255,6266,15133,1359,24759],"class_list":["post-34783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-plug","tag-alarm","tag-ascendex","tag-exchange","tag-funds","tag-mica","tag-sounds","tag-struggle","tag-users","tag-withdraw","tag-zachxbt"],"rttpg_featured_image_url":{"full":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",0,0,false],"landscape":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",0,0,false],"portraits":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",0,0,false],"thumbnail":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",150,150,false],"medium":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",300,300,false],"large":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",1024,1024,false],"1536x1536":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",1536,1536,false],"2048x2048":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",2048,2048,false],"post-thumbnail":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",370,265,false],"kava-thumb-s":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",150,85,false],"kava-thumb-s-2":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",230,230,false],"kava-thumb-m":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",400,400,false],"kava-thumb-m-vertical":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",370,500,false],"kava-thumb-m-2":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",570,450,false],"kava-thumb-l":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",1170,650,false],"kava-thumb-xl":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",1920,1080,false],"kava-thumb-masonry":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",600,999,false],"kava-thumb-justify":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",640,640,false],"kava-thumb-justify-2":["https:\/\/cryptopotato.com\/wp-content\/uploads\/2020\/12\/closed_cover.jpg",1280,640,false]},"rttpg_author":{"display_name":"#RiseCelestialStudios","author_link":"https:\/\/design-providers.com\/rise\/author\/ralph-c\/"},"rttpg_comment":0,"rttpg_category":"CRYPTO PLUG<\/a>","rttpg_excerpt":"
AscendEX says withdrawals will be handled manually, with no guarantees on processing times or payment amounts. AscendEX said it stopped operating on July 1 after the MiCA transition period ended. Following its exit, ZachXBT warned the public about the platform\u2019s liquidity, alleging that it wouldn\u2019t be able to process customer withdrawals. ZachXBT Raises Fresh…","_links":{"self":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/34783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/comments?post=34783"}],"version-history":[{"count":1,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/34783\/revisions"}],"predecessor-version":[{"id":34785,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/34783\/revisions\/34785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media\/34784"}],"wp:attachment":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media?parent=34783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/categories?post=34783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/tags?post=34783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}You may also like:<\/h3>\n
AscendEX Confirms Financial Issues<\/h2>\n
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