AscendEX Shuts Down and Suspends Automated Withdrawals

Overview

• AscendEX ceased operations on July 1, 2026, and has limited account access to exit or offboarding activities while it assesses its financial position.
• The platform suspended automated withdrawals and moved every withdrawal request to a manual review process that the company says could delay or reduce payouts.
• AscendEX warned customers it cannot guarantee full recovery of digital assets and said a planned strategic transaction meant to supply liquidity failed when the counterparty did not perform.
• Independent on-chain investigator ZachXBT had publicly flagged prolonged pending withdrawals and small visible hot-wallet balances for major tokens, though exchanges may hold assets in cold wallets or external custodians.
• The exchange was founded as BitMax in 2018 and suffered a roughly $78 million hot-wallet breach in December 2021; affected users are advised to document claims and contact regulators because unresolved balances could be handled in formal insolvency or legal proceedings.