Summary
AscendEX (formerly BitMAX) is a Singapore-based cryptocurrency exchange founded in 2018 that suffered one of the largest centralized exchange hot wallet hacks on record in December 2021, with approximately $77.7 million stolen across Ethereum, Binance Smart Chain, and Polygon networks. The exchange operates without regulatory authorization in major jurisdictions including the UK (FCA warning issued) and France (AMF blacklisted), and has accumulated a Trustpilot rating of 1.3/5 driven by user reports of frozen funds, unannounced token delistings, and unresponsive customer support. The exchange received a $50 million Series B investment in November 2021 — just weeks before the hack — from backers including Alameda Research, a firm later implicated in the collapse of FTX.
Connected Entities
2 entities- + 4 more
Timeline(13 events)
2018-07-01
BitMAX (later AscendEX) founded by George Cao and Ariel Ling; launched with $13 million Series A funding
2021-03-01
Exchange rebranded from BitMAX to AscendEX
2021-11-03
AscendEX raises $50 million Series B led by Polychain Capital and Hack VC, with Alameda Research participating; company valued at $455 million
2021-12-11
Hot wallet compromised; approximately $77.7 million in crypto assets stolen across Ethereum ($60M), BSC ($9.2M), Polygon ($8.5M), Litecoin ($2.1M), and Bitcoin Cash ($1.2M)
2021-12-12
AscendEX publicly acknowledges breach; suspends deposits, withdrawals, trading, staking, and yield farming; pledges full user reimbursement
2021-12-16
AscendEX announces 100% reimbursement of user losses completed
2021-12-20
On-chain analysts track approximately $21.2 million of stolen funds routed to an unidentified exchange via multi-hop transfers
2022-02-18
Hackers move approximately $1.5 million in stolen ETH to Uniswap in initial laundering attempt; PeckShield identifies activity
2022-06-09
AscendEX appoints Shane Molidor as CEO; founder George Cao transitions to Chairman of the Board
2022-09-01
User reports emerge of tokens delisted without notice and withdrawals blocked following account reviews
2022-11-01
FTX and Alameda Research collapse; AscendEX's Series B investor Alameda Research implicated in $10 billion customer fund misappropriation
2023-01-01
Reports of accounts frozen without notice, including a verified case of $38,000 locked for over 90 days with no support response
2024-01-01
Verified user report of account holding $15,000-$18,000 suddenly blocked despite full KYC completion, with no prior notice
Decision Log
- hash: Djo9ursEJt8eEzwutUjnzHcLvgriiZx9JPmnF9rQbQY9
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:52 AM
last updated: 5/21/2026, 3:21:09 AM
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