AscendEX Ceases Operations, Withdrawal Requests Face Delays or Inability to Process

AscendEX ceased all business operations on July 1, retaining only limited account access for processing withdrawals, KYC updates, and other matters. The latest announcement states that, starting July 6, all withdrawal requests will require manual review, and automatic withdrawals have been suspended, which may lead to delays or inability to complete requests. Blockchain investigator ZachXBT pointed out that verified user claims amount to millions of dollars, but AscendEX's public hot wallet has almost no liquid assets available to fulfill these withdrawal requests. The announcement mentioned that withdrawals will be subject to KYC/AML, sanctions, and anti-fraud reviews, and the platform is assessing its financial situation and options for handling account funds, with further notifications to follow.

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