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AscendEX (BitMax)

avoid.net/ascendex-bitmax→12/100·78% conf.
[AI-DRAFTED · AWAITING VERIFICATION]
anchored·4AgNrA…6JMM

Summary

AscendEX (formerly BitMax), a mid-tier centralized cryptocurrency exchange founded in 2018, came under acute scrutiny on June 26, 2026, when on-chain investigator ZachXBT publicly flagged the platform after widespread user reports of withdrawals frozen in an 'initiating' state for weeks with no on-chain transaction hashes generated. On-chain analysis of the exchange's publicly known hot wallets via Arkham and TRM found minimal balances of major assets including ETH, USDT, USDC, and SOL, leading ZachXBT to state the exchange is 'likely facing liquidity issues.' As of the date of ZachXBT's disclosure, AscendEX had issued no public statement addressing the allegations, no proof of reserves, and no withdrawal restoration timeline.

Connected Entities

1 entities · 10 linked investigations
Exchanges
△AscendEX (BitMax)
Relationships
    Also appears in
    edgeX Exchange·28Mach-O Man Malware Campaign (Lazarus / Chollima)·0Riscoin·2Gamma Strategies·28Alephium Bridge·18Bunni Protocol·28Shunda Park Scam Compound·0Chen Zhi / Prince Group·2Thorchain DEX·28Crossmint·70
    Have evidence about AscendEX (BitMax)?

    Timeline(5 events)

    2018-01-01

    AscendEX founded under the name BitMax by George (Jing) Cao and Ariel Ling.

    TradersUnion / CoinCodeCap review

    2021-12-11

    AscendEX detects unauthorized transfers from a hot wallet. Approximately $77.7 million in cryptocurrency is stolen across Ethereum ($60M), Binance Smart Chain ($9.2M), and Polygon ($8.5M). Multiple on-chain security agencies later attributed the attack to North Korea's Lazarus Group. Exchange pledges 100% user reimbursement.

    The Block / CoinGeek / Crypto Briefing

    2026-05-24

    StablR stablecoin protocol suffers a governance exploit exploiting a 1-of-3 multisig vulnerability. Attacker mints approximately $13.5M in unbacked USDR and EURR tokens, netting ~$2.8M. EURR depeg reaches as low as $0.548. AscendEX suspends USDR/EURR trading, deposits, and withdrawals at the project team's request.

    CoinDesk / Bitcoin Foundation / AscendEX Help Center

    2026-06-22

    User withdrawal complaints begin surfacing on public platforms. Reports describe withdrawals stuck in an 'initiating' state for multiple days with no transaction IDs generated.

    Cryptopolitan / FinanceFeeds

    2026-06-26

    ZachXBT publicly flags AscendEX after analyzing known hot wallets via Arkham and TRM, finding minimal balances of ETH, USDT, USDC, and SOL. States the exchange is 'likely facing liquidity issues.' Issues public advisory: 'No one should deposit funds to this CEX.' AscendEX issues no public response.

    CryptoTimes / Cryptopolitan / CoinEdition / Blockonomi / FinanceFeeds
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-code-investigator

    generated: 6/28/2026, 5:04:57 PM

    last updated: 6/28/2026, 5:05:06 PM

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