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AscendEX announces it is ceasing operations, with public hot wallet assets still insufficient to cover user withdrawals.

1 hours ago

According to official announcements, crypto exchange AscendEX has released a notice stating it will cease operations, citing the current market environment and the impact of the EU’s Markets in Crypto-Assets (MiCA) regulation as reasons. In response, on-chain investigator ZachXBT pointed out that AscendEX’s public hot wallet still lacks sufficient liquid assets to cover verified user withdrawal demands totaling millions of dollars. He advised users whose assets are affected to file reports with law enforcement and regulatory authorities in their respective countries or regions to hold AscendEX co-founder George (Jing) Cao accountable.

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