Cryptocurrency exchange AscendEX has officially announced the suspension of its operations due to the recent deterioration of the cryptocurrency market environment and the impact of the European Union's (EU) Markets in Crypto-Assets (MiCA) regulation coming into effect. However, immediately after the announcement of the operational halt, renowned on-chain analyst ZachXBT pointed out, “An analysis of AscendEX's hot wallet (online wallet) balance shows that there is a severe lack of liquidity to process all customer withdrawal requests, amounting to millions of dollars, that have already been authenticated.” Consequently, concerns are growing among affected users whose assets are locked. Analysts and industry officials have recommended that users immediately report to the judicial authorities and financial regulatory bodies in their respective countries and regions to prevent further damage and hold AscendEX co-founder George Cao legally accountable.
