@dkbit98. I only read the news 1 hour ago. It appears the strange activity was noticed by Ascendex 3 days ago and the hack only confirmed yesterday. This is a big negative blow on their reputation. However, they did promise that they will pay their users 100% of what was stolen.
Our approach to the matter is fourfold: First, compensate all users affected 100%. Unimpacted assets have been transferred to our cold wallets as we continue to investigate. The impacted assets are a relatively small percentage of total exchange assets.
Source https://mobile.twitter.com/ascendex_global/status/1470029513551761412?s=12
But if they do this or not, we cannot be certain hehehe.
Topic: Reviews for Ascendex exchange? (Read 129 times)
This Ascendex exchange was just hacked and estimated loss is around $80 million in total, $60M was on ethereum, $9.2M BinanceChain, $8.5M 0xPolygon!
It appears that their hot wallet was compromised and coins got transfered with Curve.fi into stable coins USDC and USDT.
PeckShield blockchain security and data analytics made a twitter post about this hack with more details:
https://twitter.com/peckshield/status/1469915194004766722?s=21
This is the last twitter post by Ascendex exchange when they warned users about some strange activity:
I will repeat once again, NEVER hold your coins on any centralized exchange, even if they have best ever security and reputation.
You can reduce your risk if you don't use a bunch of shitcoins like people did in this case.
It appears that their hot wallet was compromised and coins got transfered with Curve.fi into stable coins USDC and USDT.
PeckShield blockchain security and data analytics made a twitter post about this hack with more details:
https://twitter.com/peckshield/status/1469915194004766722?s=21
This is the last twitter post by Ascendex exchange when they warned users about some strange activity:
Quote
We have detected a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet. Cold Wallet is NOT affected. Investigation underway. If any user’s funds are affected by the incident, they will be covered completely by AscendEX
https://twitter.com/AscendEX_Global/status/1469886844787691528I will repeat once again, NEVER hold your coins on any centralized exchange, even if they have best ever security and reputation.
You can reduce your risk if you don't use a bunch of shitcoins like people did in this case.
@BitMaxz. It appears they created a private pump and dump or it might also be a move to save millions of insiders’ money in the expense of other investors. This is very unprofessional of the founders.
However, it appears that the exchange is creating enough revenue for itself for them to receive another round of investment from crypto VCs. It received a series B round of investment of $50 million. This is a big investment for a series B.
AscendEX, a global cryptocurrency financial platform, has announced the close of a $50 million Series B raise led by Polychain Capital and Hack VC, with participation from Jump Capital and Alameda Research, as well as Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research, and Palm Drive Capital. Imperii Partners served as an exclusive financial advisor to AscendEX in support of the Series B fundraise process.
https://www.businesswire.com/news/home/20211103006190/en/AscendEX-Announces-a-50mm-Series-B-Raise-Led-by-Polychain-Capital-and-Hack-VC
However, it appears that the exchange is creating enough revenue for itself for them to receive another round of investment from crypto VCs. It received a series B round of investment of $50 million. This is a big investment for a series B.
AscendEX, a global cryptocurrency financial platform, has announced the close of a $50 million Series B raise led by Polychain Capital and Hack VC, with participation from Jump Capital and Alameda Research, as well as Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research, and Palm Drive Capital. Imperii Partners served as an exclusive financial advisor to AscendEX in support of the Series B fundraise process.
https://www.businesswire.com/news/home/20211103006190/en/AscendEX-Announces-a-50mm-Series-B-Raise-Led-by-Polychain-Capital-and-Hack-VC
I searched a bit about this exchange and it was Bitmax.io before and rebranded to Ascendex.
According to some posts on Reddit, they are rebranded to a new name and domain because they scammed early investors before.
If you want to read the whole post you can find it here below
- https://www.reddit.com/r/CryptoCurrency/comments/mfv8ai/this_is_how_ascendex_bitmax_scammed_their_early/
According to some posts on Reddit, they are rebranded to a new name and domain because they scammed early investors before.
If you want to read the whole post you can find it here below
- https://www.reddit.com/r/CryptoCurrency/comments/mfv8ai/this_is_how_ascendex_bitmax_scammed_their_early/
What I look for in the platform is the negative reviews, the response of the support team to them, their logicality, their agreement to the terms of use and their integration with the user.
If there are no negative evaluations, this is a very negative and dangerous sign.
Then the trading volumes and how true they are, the liquidity, the withdrawal and the deposit, and then I can test the platform.
KYC will happen sooner or later, but if the platform cares about customers, it should not stipulate that the deposits will be confiscated, but rather give the user an opportunity to withdraw them and thus freeze the depositors’ funds, whatever the problem is (unless there is a judicial or executive order)
Frankly, at the moment, your platform does not offer something perfect or unique that you force others to use, and therefore it will be an option when other platforms impose KYC.
If there are no negative evaluations, this is a very negative and dangerous sign.
Then the trading volumes and how true they are, the liquidity, the withdrawal and the deposit, and then I can test the platform.
KYC will happen sooner or later, but if the platform cares about customers, it should not stipulate that the deposits will be confiscated, but rather give the user an opportunity to withdraw them and thus freeze the depositors’ funds, whatever the problem is (unless there is a judicial or executive order)
Frankly, at the moment, your platform does not offer something perfect or unique that you force others to use, and therefore it will be an option when other platforms impose KYC.
Haven't used it yet even though I'm registered, but for your information Ascendex is a rebrand of Bitmax.io which was done last March. They have an announcement thread here (the previous brand). So far like other singapore based exchanges, ascendex still doesn't require users to kyc. What I see in my account as non-KYC user, the withdrawal limit is up to 2 BTC per day.
And yet, and unlike the other non-KYC exchanges, it appears that the platform is not available in all regions/countries and user's IP addresses are checked before registration: https://ascendex.com/en/support/articles/36371-countriesregions-available-for-registration
Obviously, one could simply change his IP address, but this makes me think that they have future plans to enforce KYC, therefore I wouldn't recommend it to anyone unless they are willing to comply if asked to.
Haven't used it yet even though I'm registered, but for your information Ascendex is a rebrand of Bitmax.io which was done last March. They have an announcement thread here (the previous brand). So far like other singapore based exchanges, ascendex still doesn't require users to kyc. What I see in my account as non-KYC user, the withdrawal limit is up to 2 BTC per day.
I asked a similar question before with FTX and we had a very good reply from @Ramitov hehe. I presently now want to ask everyone to share your experiences and reviews in using Ascendex exchange.
How would you rate the site’s trading engine, the KYC process, deposits and withdrawals, and also the safety and security of our funds held in the exchange?
https://ascendex.com/en/global-digital-asset-platform
How would you rate the site’s trading engine, the KYC process, deposits and withdrawals, and also the safety and security of our funds held in the exchange?
https://ascendex.com/en/global-digital-asset-platform
Jump to: