According to a message from Foresight News, blockchain investigator ZachXBT said in a post that AscendEX’s latest announcement has confirmed that it will stop operations, citing the current market environment and EU MiCA regulation as reasons for the shutdown. The announcement admits that all withdrawals will be converted to manual review, which “may be delayed or possibly not processed at all.”

ZachXBT pointed out that the amount of user claims he has verified totals several million US dollars, but judging from the status of AscendEX’s public hot wallets, there are currently almost no liquid assets available to fulfill the related withdrawal requests.

AscendEX announced on its website that as of July 1, AscendEX has ceased all business operations and will no longer provide account opening, deposits, trading, staking, lending, or promotional services. Only limited account access will be maintained to process withdrawals, KYC updates, complaints, and to export transaction records.