AscendEX pushes for insolvency and rescue deals as claim portal to launch September 5
With normal operations and withdrawals suspended since July 1, the AscendEX claims portal is targeted for Sept. 5 and would let users see recorded balances and submit claims. The exchange says the new system will not initially restore withdrawals or guarantee that customers recover anything.
The exchange set out the plan in an Aug. 22 customer update, describing Sept. 5 as an estimated initial launch date that could move if more technical, security or legal work is required. AscendEX said eligible users would be able to review recorded balances, register account information, submit claims and provide supporting documents.
The portal is not a return to normal service. It will initially offer no trading, deposits or withdrawals. AscendEX also said a balance shown on the site or an accepted submission would not mean that a claim had been admitted. Neither step would establish a claim’s legal status or priority, nor guarantee the amount or timing of a recovery.
For customers, that leaves the portal as a way to record and organize demands against the exchange, rather than a process that determines who will be paid or when. AscendEX has not disclosed a recovery estimate or a timetable for withdrawals to resume.
While the AscendEX claims portal remains pending, the exchange said customers should reach it only by entering ascendex.com directly. The exchange warned that it will not ask users for an additional deposit, password, private key or fee to access the claims system.
Rescue talks continue alongside insolvency preparations
AscendEX said it is exploring rescue, recapitalization and restructuring options while also taking steps toward a formal insolvency process. It gave no assurance that a rescue transaction would be completed, and the notice does not say that a court, administrator or other authority has opened an insolvency case.
Customers also lack basic details about how any formal process would work. The Aug. 22 notice does not identify which legal entity would enter insolvency or the governing forum, and it names no office-holder, claims deadline or asset pool for customer recoveries.
The claims update follows AscendEX’s July 1 suspension of normal operations and customer withdrawals. As CryptoSlate reported in July, automated withdrawals had stopped and customers had no assurance about withdrawal timing or whether full balances would be returned.
AscendEX has attributed its financial pressure to a failed recapitalization path and, in part, to losses connected with a December 2021 security incident. That account provides context for the shutdown, but the claims portal still offers no answer on how much customers might recover or when repayment could begin.
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