AscendEX targets Sept. 5 claims portal amid possible insolvency

AscendEX plans an estimated initial claims portal launch on Sept. 5. The launch date could change if additional technical, security or legal work is required. Eligible users could review recorded balances and register account information. Users could submit claims and provide supporting documents. The portal will initially provide no trading, deposits or withdrawals. A displayed balance or accepted submission would not establish a claim's legal status or priority. Neither step would guarantee the amount or timing of a recovery. AscendEX has not disclosed a recovery estimate or a timetable for withdrawals to resume. AscendEX is exploring rescue, recapitalization and restructuring options alongside preparations for a formal insolvency process. The exchange gave no assurance that a rescue transaction would be completed. The notice does not identify the legal entity, governing forum, office-holder, claims deadline or asset pool for any insolvency process. AscendEX attributed its financial pressure to a failed recapitalization path and losses connected in part with a December 2021 security incident. AscendEX warned that it will not ask users for an additional deposit, password, private key or fee to access the claims system.