AscendEX Halts Operations on July 8, Public Hot Wallet Lacks Sufficient Liquidity for User Withdrawals

According to BlockBeats, AscendEX announced on July 8 that it will cease operations, citing the current market environment and the European Union's Markets in Crypto-Assets Regulation (MiCA) as contributing factors.

Chain analyst ZachXBT flagged that the exchange's public hot wallets currently lack sufficient liquid assets to cover verified user withdrawal demands in the millions of dollars.

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