AscendEX withdrawal delays surge after reserve questions

Key Facts

1Multiple users reported delayed withdrawals from AscendEX after on-chain investigator ZachXBT questioned the exchange's reserves.

Amid rising anxiety in the crypto sector, centralized exchanges face a new trust test. Multiple users reported delayed withdrawals from AscendEX after on-chain investigator ZachXBT questioned the exchange's reserves, according to reports.

These developments come at a sensitive time for the crypto sector, as similar doubts about other exchanges' reserves have previously led to major liquidity crises. Observers believe such incidents underscore the importance of transparency in proof-of-reserves for centralized exchanges.

Investors are closely watching upcoming updates from the exchange and ZachXBT. Any confirmation of liquidity issues could lead to further selling pressure on tokens traded on the platform. Markets also await an official response from AscendEX regarding its reserve status.