Anyone ever able to withdraw from Ascendex?

[vanhalendlrband]

My withdraw was rejected without explanation

From your previous comment above, you said you have done some verification (you submitted your ID) on the exchange and if your account is not blocked, then the withdrawal should go through, unless the exchange is being operated by scammers. I checked their x handle and they are active with 263k followers, so I have 2 suggestions to give you.
1;  I don't know the coin and with which blockchain network you carried out the first withdrawal but my suggestion is that you should convert the coin to a different coin and submit another withdrawal using a different blockchain network.
2; Create account on X and send them a DM with proof of your claims.

Ive tried to contact support again but no response.

Did you do that with the option of "submit a request? " If you said no, then you should raise your complaints via their "submit a request option, but if that's what you did already, just take the 2 suggestions I made.

I went on telegram on a different account wnd they were good at first then I sent a message asking for an update 7 hours later as they told me id have a response soon and i was restricted from sending messages in the telegram.

[vanhalendlrband]

My withdraw was rejected without explanation

From your previous comment above, you said you have done some verification (you submitted your ID) on the exchange and if your account is not blocked, then the withdrawal should go through, unless the exchange is being operated by scammers. I checked their x handle and they are active with 263k followers, so I have 2 suggestions to give you.
1;  I don't know the coin and with which blockchain network you carried out the first withdrawal but my suggestion is that you should convert the coin to a different coin and submit another withdrawal using a different blockchain network.
2; Create account on X and send them a DM with proof of your claims.

Ive tried to contact support again but no response.

Did you do that with the option of "submit a request? " If you said no, then you should raise your complaints via their "submit a request option, but if that's what you did already, just take the 2 suggestions I made.

they rejected my withdraw this morning after 3 days may have been a timeout tho

[Darker45]

they rejected my withdraw this morning after 3 days may have been a timeout tho

Which means the funds are once again in your wallet? Or are they held hostage?

If the funds are already in your account and you want to withdraw them, you might consider withdrawing them in varying small amounts and not with fixed intervals. Don't attract unnecessary attention or set off certain triggers. You mentioned it's a large amount of withdrawal. Surely, you don't want to undergo another manual review for your transaction. Don't even make the impression that you're leaving Ascendex for good. They seem a shady exchange.

Also, are you withdrawing in ZEC? If yes, is it possible you can withdraw in BTC or stablecoins? I'm not sure how friendly regulators in your country are but ZCash is widely treated as a privacy coin. And it has been highly scrutinized, even delisted in some areas. It's better to err on the side of caution.

[vanhalendlrband]

they rejected my withdraw this morning after 3 days may have been a timeout tho

Which means the funds are once again in your wallet? Or are they held hostage?

If the funds are already in your account and you want to withdraw them, you might consider withdrawing them in varying small amounts and not with fixed intervals. Don't attract unnecessary attention or set off certain triggers. You mentioned it's a large amount of withdrawal. Surely, you don't want to undergo another manual review for your transaction. Don't even make the impression that you're leaving Ascendex for good. They seem a shady exchange.

Also, are you withdrawing in ZEC? If yes, is it possible you can withdraw in BTC or stablecoins? I'm not sure how friendly regulators in your country are but ZCash is widely treated as a privacy coin. And it has been highly scrutinized, even delisted in some areas. It's better to err on the side of caution.

yeah all back in my wallet rejected 3 times. I am now trying a smaller amount but thats also under review. They say they review every new address so doesnt matter how large it seems. They take high withdraw fees so multiple transactions will cost a lot of money too if they even let me take out anything at all

[vanhalendlrband]

oh and forgot to add no explanation given.

Im gonna guess a hot wallet but i will have to see maybe theyll let me withdraw lower amounts over time see what happens with this latest withdraw.

[Mrbluntzy]

see what happens with this latest withdraw.

Best of luck this tme, I hope it goes through. Did you contact them via their X account  https://x.com/AscendEX_?t=gAqZhRhRXYNi1ERI2V3adQ&s=09 like I suggested above?

[Darker45]

see what happens with this latest withdraw.

Best of luck this tme, I hope it goes through. Did you contact them via their X account  https://x.com/AscendEX_?t=gAqZhRhRXYNi1ERI2V3adQ&s=09 like I suggested above?

How I wish this is just about luck. But after 3 rejected withdrawals, even a smaller amount undergoing review, and every new address to be also reviewed, something doesn't seem right. It appears this questionable exchange is deliberately preventing any amount to leave your account.

Depending on how this last attempt goes, I don't think silently contacting them via their X account is enough. Perhaps making a public noise is called for? Expose to the public how this exchange mishandled your transactions. Perhaps it's the only way for you to force them to respond clearly.

Or if you're part of an Ascendex community, you might want to just sell it to a fellow user. That's just internal transfer. It must be easier. Or how about P2P? Ascendex has it, right? That must also be easier. Your funds won't have to be withdrawn to an external wallet.

[vanhalendlrband]

see what happens with this latest withdraw.

Best of luck this tme, I hope it goes through. Did you contact them via their X account  https://x.com/AscendEX_?t=gAqZhRhRXYNi1ERI2V3adQ&s=09 like I suggested above?

How I wish this is just about luck. But after 3 rejected withdrawals, even a smaller amount undergoing review, and every new address to be also reviewed, something doesn't seem right. It appears this questionable exchange is deliberately preventing any amount to leave your account.

Depending on how this last attempt goes, I don't think silently contacting them via their X account is enough. Perhaps making a public noise is called for? Expose to the public how this exchange mishandled your transactions. Perhaps it's the only way for you to force them to respond clearly.

Or if you're part of an Ascendex community, you might want to just sell it to a fellow user. That's just internal transfer. It must be easier. Or how about P2P? Ascendex has it, right? That must also be easier. Your funds won't have to be withdrawn to an external wallet.

Apparently two other users after great pressure and held withdrawals as well was able to get 11k out each. They still wont even let me withdraw saying “the reason is unclear but when we have an update we will get back to you” for three weeks saying the same thing. These other users got their money in 5 days im
still waiting after 3 weeks, they have p2p but the p2p seller i talked to didnt even know he was listed on Ascendex and demanded them to remove him and they give me an account is at risk message that prevents me from using the p2p even

Ive now reported them to the British Columbia Securities Commission, and FINTRAC. It doesnt surprise me that they dont want to be on bitcointalk, people would call them out here and wouldnt be ignored like on X

[yhiaali3]

Apparently two other users after great pressure and held withdrawals as well was able to get 11k out each. They still wont even let me withdraw saying “the reason is unclear but when we have an update we will get back to you” for three weeks saying the same thing. These other users got their money in 5 days im
still waiting after 3 weeks, they have p2p but the p2p seller i talked to didnt even know he was listed on Ascendex and demanded them to remove him and they give me an account is at risk message that prevents me from using the p2p even

Ive now reported them to the British Columbia Securities Commission, and FINTRAC. It doesnt surprise me that they dont want to be on bitcointalk, people would call them out here and wouldnt be ignored like on X

Everything about this platform is suspicious. How can they add a seller to their system without them knowing they're listed on Ascendex?! I also don't understand what your connection to this issue is that would prevent you from using p2p trading.

Anyway, it's good that you reported them to the British Columbia Securities Commission, and FINTRAC. Perhaps this will help put pressure on them to allow you to withdraw your funds.

[RGBTC]

Has anyone noticed that Ascendex (again) hasn't been processing withdrawals for the past few weeks? ZachXBT also revealed that their hot wallet addresses are experiencing a liquidity crisis. https://x.com/i/status/2070405423002448040

By the way, they also stopped posting on X after June 23rd. This time the issue seems more widespread.

[logfiles]

Has anyone noticed that Ascendex (again) hasn't been processing withdrawals for the past few weeks? ZachXBT also revealed that their hot wallet addresses are experiencing a liquidity crisis. https://x.com/i/status/2070405423002448040

By the way, they also stopped posting on X after June 23rd. This time the issue seems more widespread.

I think they are having a very big crisis as an exchange. I think things started going south for them from the time of rebranding or shortly before rebranding from BitMax. They should have just shut business, but my guess is someone mismanaged the user funds and things have now caught up with them
Are we going to see another FTX like scandal? Time will tell.

[FinneysTrueVision]

Has anyone noticed that Ascendex (again) hasn't been processing withdrawals for the past few weeks?

Their hot wallets still show some activity, but they are only sending out very low amounts a few times per day. They are still active on Telegram, where they are not giving any answers besides telling users with pending withdrawals to create a support ticket. I don’t have any confidence they will solve anything. Whenever we see casinos, exchanges, and mixers acting like this, it is only a matter of time before they disappear.

[RGBTC]

Are we going to see another FTX like scandal? Time will tell.

Whenever we see casinos, exchanges, and mixers acting like this, it is only a matter of time before they disappear.

Apparently, Ascendex officially ceased operations as of July 1, 2026, although they were a bit late in making this announcement. The drama may have started because they switched automatic withdrawals to manual review mode. I suspect this is just a ploy to buy time, as they are still low on liquidity (a big question). My guess is that a large number of withdrawal requests will likely not be processed without legal recourse.

https://ascendex.com/en/announcement/detail/143462

[OmegaStarScream]

Are we going to see another FTX like scandal? Time will tell.

Whenever we see casinos, exchanges, and mixers acting like this, it is only a matter of time before they disappear.

Apparently, Ascendex officially ceased operations as of July 1, 2026, although they were a bit late in making this announcement. The drama may have started because they switched automatic withdrawals to manual review mode. I suspect this is just a ploy to buy time, as they are still low on liquidity (a big question). My guess is that a large number of withdrawal requests will likely not be processed without legal recourse.

https://ascendex.com/en/announcement/detail/143462

This statement does not seem reassuring at all:

Withdrawals may therefore be delayed, may require additional information, or may not be processed while the review continues. We are not in a position to give assurances about timing or amounts today. No account holder or group of account holders is being given priority outside the documented review process.

They're also saying users should login to review their balances and and check their KYC information's, but there is no possibility to login? All pages are redirecting to the announcement above.

The announcement also mentioned that the users are no longer able to "trade". So where is this reported volume[1][2] coming from exactly?? Looking at the 14 days chart in Coingecko, I highly doubt the reported volumes were real?

[1] https://coinmarketcap.com/exchanges/ascendex/
[2] https://www.coingecko.com/en/exchanges/ascendex

[RGBTC]

Looking at the 14 days chart in Coingecko, I highly doubt the reported volumes were real?

I don't know how marketcap aggregators work, but CG at least updated the info elsewhere that there's no longer any reported trading volume⁽¹⁾. However, I don't like it when they keep the latest volume records for the halted exchanges instead of resetting them.

Well, I found this⁽²⁾:

This isn't just global regulations and other nonsense. They're truly bankrupt now, with employees leaving. It makes sense that they're preventing users from logging into their accounts.



1) www.coingecko.com/en/exchanges/ascendex#:~:text=%241.39B-,AscendEX,-(BitMax)%20Trust%20Score
2) https://t.me/AscendEXEnglish/1148654

[OmegaStarScream]

The main page has been updated with another notice which basically says nothing except asking the users to wait for further announcements:

Further to the prior notice regarding the cessation of AscendEX operations, AscendEX confirms that it is securely preserving user account data, account records, transaction-history information and related operational records required for the wind-down process.

This preservation process is intended to maintain the integrity of user records, support account review, support transaction-history access where available, enable customer-support handling, and preserve information required for legal, compliance, regulatory, accounting, security and operational purposes.

Users do not need to take any immediate action in relation to this update. Please wait for further official updates, which will be provided only through this official status page. Please do not rely on messages from unofficial sources or any person claiming to expedite account review, withdrawal, recovery or data access outside official AscendEX channels. AscendEX will not provide account-specific instructions through individual staff, founders, private messages or unofficial social-media channels.
-snip-
AscendEX Team

I'm not sure I understand what happened to their wallet either and if I'm missing something? Ascendex account in Arkham intelligence was showing 13M or so. It's so showing around 800K but has been no outflaws in the last couple of days.

https://arkm.com/explorer/entity/ascendex

[logfiles]

This was what their x.com account posted about 13 ago

Metadata: Last updated: July 10th  2026.
Further to the prior notice regarding the cessation of AscendEx operations, AscendEx confirms that it is securely
preserving user account data, account records, transaction-history information and related operational records
required for the wind-down process.
This preservation process is intended to maintain the integrity of user records, support account review, support
transaction-history access where available, enable customer-support handling, and preserve information required
for legal, compliance, regulatory, accounting, security and operational purposes.
Users do not need to take any immediate action in relation to this update. Please wait for further official updates,
which will be provided only through the official status page.
Please do not rely on messages from unofficial sources or any person claiming to expedite account review,

withdrawal, recovery or data access outside official AscendEx channels. AscendEx will not provide account-specific
instructions through individual staff, founders, private messages or unofficial social-media channels.
This update does not change any previously communicated wind-down steps, account restrictions, verification
requirements or available account functions. Users should continue to follow the instructions shown on the official
status page and, where applicable, in their account dashboard.

The even do not to mention what actually is going on or why they are shutting down which makes me feel that there was something highly suspicious that happened. If the users can't even withdraw their funds, then what is the point of "securely preserving user account data, account records, transaction-history information"

[OmegaStarScream]

The latest update:

TLDR: It looks like they had an agreement with another party (The Royal Investment Bank of Kelantan Inc.) and that party didn't go through with the agreements they had.

-snip-
4. RIBK’s failure to perform

RIBK did not perform its principal obligations under the transaction:

1. It did not make the payment due on signing.
2. It did not fund the agreed escrow.
3. It did not advance the financing it had committed to provide for the Company.
4. It did not complete the acquisition.
5. No amount was advanced to AscendEX under the transaction, as assumed and expected.
Over a period of several months, AscendEX received repeated written representations that the committed funding was imminent. Those assurances continued until approximately prior to platform operations being suspended.

AscendEX’s reliance was based on executed agreements and the written representations described above. In reliance on them, AscendEX performed its own obligations under the transaction, maintained the platform and customer operations, incurred substantial transaction and integration costs, and declined to pursue alternative purchasers and recapitalization opportunities that had otherwise been available.

AscendEX was therefore held to an exclusive process while forgoing other options, and was deprived of both the promised funding and the opportunity to pursue an alternative transaction. The resulting prejudice increased with each further month during which AscendEX was assured that funding was imminent.
-snip-

As for the user funds and withdrawals then sadly (and as already understood from previous messages) it looks like users getting paid in full is not a guarantee, nor is the time.

8. Current status and next steps

Customer account records and the company’s remaining digital assets are currently blocked while the current position is being assessed. Management is pursuing two paths in parallel: continuing discussions with potential investors and restructuring partners regarding a possible rescue or recapitalization transaction; and contemplating a potential insolvency or restructuring process if a viable rescue cannot be completed in a reasonable time, given the context.

Customer balances remain recorded as related to AscendEX users; the suspension of withdrawals plans to have a clear picture of funds allocation. AscendEX cannot currently provide a timetable for withdrawals or promise that all customer claims will be repaid in full. The treatment of customer claims will depend on the outcome of the ongoing rescue discussions and, if a rescue cannot be completed, the requirements of the applicable legal insolvency process.
-snip-

They have also mentioned that they're planning to post another update no later than 6th of September (a month from now).

[logfiles]

<...>

I certainly don't have much experience running a company, but then why don't they just let users withdraw their funds and shutdown the platform? Are they trying to admit that they don't have all the user funds? Perhaps they used some funds for their operations and not they have no one to buy them off, they decided to hold the remaining funds hostage?
These exchanges make me sick. 

[OmegaStarScream]

I certainly don't have much experience running a company, but then why don't they just let users withdraw their funds and shutdown the platform? Are they trying to admit that they don't have all the user funds? Perhaps they used some funds for their operations and not they have no one to buy them off, they decided to hold the remaining funds hostage?
These exchanges make me sick. 

From my understanding, yes. They don't seem to have enough liquidity to let everyone withdraw, and that's probably why they felt the need to mention the 2021 security incident and that they took the hit on behalf of the users. That, maybe coupled with the current market conditions I would imagine

2. The December 2021 security incident

In December 2021, AscendEX was the victim of an external security attack in which digital assets were stolen from the platform. The attack was a crime committed against the company and its users. AscendEX reported the incident to the competent authorities, filed a criminal complaint and began efforts to trace and recover the stolen assets. Those efforts continue.

The company’s records a substantial loss, based on the values prevailing at the time of the incident.

AscendEX absorbed the loss rather than passing it to users. Following the theft, the company operated and continued to honor customer withdrawals, however Ascendex financial situation suffered. Against this background, the management managed to further a recapitalization. This was the principal issue that the proposed acquisition and recapitalization by The Royal Investment Bank of Kelantan Inc. was intended to resolve.