We Traced the AscendEX Hot Wallets ZachXBT Flagged. Here's What the Data Shows

AscendEX’s continued silence is not reassuring users.

Last week, on-chain investigator ZachXBT raised concerns around AscendEX’s reserves after users reported withdrawals being delayed for days — and in some cases, weeks — while deposits appeared to continue flowing normally.

As of today, the exchange has gone nine days without a public explanation, even as new token listings continued to be posted from its official X account.

BlockchainUnmasked took an independent look at the AscendEX hot wallets referenced by ZachXBT:

EVM hot wallets 0x983873529f95132BD1812A3B52c98Fb271d2f679 0x4240781A9ebDB2EB14a183466E8820978b7DA4e2

TRON hot wallet TP523ZC2721Dnu6nxYSFi14cWUBfu8YTXG

Solana hot wallets Cv7hXMfMh5eu2WBtyZXogYDPj55Xo1Ufsuwn7oeG6Epy 6iVBAsquJRaLsXbojb18kqTW1d5iVLspVjCtsReZBKhY

Here is what the on-chain data shows:

The five referenced hot wallets still hold close to $1 million in total value. The largest wallet, 0x983, holds approximately $453,410. However, the composition of that balance is the more important signal: roughly 77% of it, about $350,000, sits in ASD, AscendEX’s own token.

By contrast, the combined ETH and USDT balance — the liquid assets an exchange would typically need available for user withdrawals — appears to be only around $26,000.

The last 30 days of wallet activity also raise questions. Between June 1 and July 1, the 0x983 wallet received approximately $501,000 in deposits from major exchanges, including Gate, OKX, Binance, MEXC, KuCoin, and Coinbase. During the same period, it sent out only around $75,700 — and that entire outbound amount went to another AscendEX-labeled wallet.

At the user-counterparty level, deposits appear to remain active, while outbound withdrawal activity looks unusually limited.

To be clear, this does not prove insolvency on its own. But the observed wallet activity appears consistent with the concerns already being raised by ZachXBT and affected users: thin liquid reserves, delayed withdrawal processing, and a lack of public communication from the exchange.