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AscendEX announces cessation of operations, ZachXBT says its hot wallet still lacks liquid assets to handle withdrawals

WuSaidBlockchainW
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Wu Says learned that centralized exchange AscendEX announced that due to regulatory developments such as MiCA and market, financial, and operational factors, the platform has ceased operations as of July 1, 2026. Users can no longer open accounts, deposit, trade, exchange, stake, lend, or participate in activities; accounts are only retained for limited exit purposes. As of July 6, all withdrawal requests require manual review, automatic withdrawals have been suspended; withdrawals may be delayed, require additional information, or cannot be processed. The platform currently cannot guarantee processing times or amounts. ZachXBT commented that the AscendEX announcement admits withdrawals 'may or may not be processed,' and its public hot wallet still does not have sufficient liquid assets to handle the verified multiple seven-figure user withdrawal requests. Previously, ZachXBT had stated that AscendEX had multiple reports of delayed or unprocessed withdrawals, and some users' withdrawals remained unprocessed while the deposit function was still open.
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HotspotChaser
· 11h ago
July 2026 shutdown, but withdrawals are already stuck. What a clever timing gap.
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