Ascendex decided to cease all operations on July 1 once the MiCA transition window closed. After that move Zachxbt quickly alerted everyone about shaky liquidity levels suggesting the platform may struggle with customer cashouts.
Zachxbt Spots More Liquidity Woes 🕯️
Their notice pointed to tough market vibes plus the EU MiCA rules that blocked many crypto outfits from staying active without proper approval. Account logins now only allow offboarding while auto withdrawals sit paused. All requests shift to manual checks which could drag on demand extra details or simply flop.
“We 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” read the notice. Zachxbt had already flagged on Telegram that users faced hold ups lasting days or weeks with some orders ignored completely. His on chain review showed hot wallets holding almost zero reserves in USDT ETH USDC and SOL hinting at real liquidity strain.
Reports from the community lined up with many withdrawals stuck on initiating status past a full week. In a later update Zachxbt noted the site still owes over 7 figures in unprocessed requests. He pushed affected users to file police reports and reach regulators in their regions.
Ascendex Owns Up To Financial Struggles 🖤
Founded back in 2018 by George Jing Cao the exchange once ranked among bigger names yet got hit by a December 2021 hack that drained roughly $78 million. Their official statement admitted the shutdown stemmed from failed liquidity plans and heavy operational pressure with market conditions only adding fuel. The firm told users to route complaints through official channels and promised updates if insolvency steps begin. 🌙
Just another echo from the void by iconofsin.eth 💖
