On-chain investigator ZachXBT says the exchange AscendEX (formerly Bitmax) has been delaying or failing to process user withdrawals for weeks — while still accepting deposits.

As of July 2, AscendEX has stayed silent on X for nine days. A large affected user says co-founder George Cao isn't responding to their concerns, and ZachXBT is urging anyone with stuck funds to file reports with law enforcement and regulators.

AscendEX previously lost ~$78M in a December 2021 hack attributed to the Lazarus Group.