AscendEX, the centralized crypto exchange formerly known as BitMax, pulled the plug on July 1, 2026. The shutdown came less than a week after on-chain investigator ZachXBT publicly warned that the platform’s hot wallets were running dangerously low on major assets like ETH, USDT, and SOL.
Users still trying to get their money out are now stuck in a manual review process. Automated withdrawals have been completely suspended.
What happened
On June 26, ZachXBT sounded the alarm. The blockchain detective flagged reports of extensive withdrawal delays on AscendEX alongside critically depleted hot wallet reserves.
The exchange initially tried to reassure users that deposits were still functioning normally. Within days, the situation deteriorated. AscendEX suspended new account registrations, deposits, trading, and essentially every function besides withdrawals. Even those withdrawals now require manual processing.
