A crypto exchange is under fresh scrutiny after an on-chain investigator amplified user complaints about withdrawals stuck for days.
The ZachXBT WooX alert has traders watching closely this week, coming weeks after BitMart, an exchange tied to the same ownership group, halted operations and left users locked out of funds.
The investigator shared a community alert through his Investigations channel on Telegram on September 6, 2026, at 19:25 UTC. The post said multiple identity-verified users had contacted him over the prior three days with similar complaints.
Several screenshots backed up the pattern, and the case quickly became one of the most talked about stories in exchange trust this week.
A Level 2 verified user with five years on the platform said a withdrawal stayed pending for three days.
Another user said a transfer to a self-custody wallet sat in submitted status for more than six hours with no transaction ID assigned.
A separate group of posts described USDC withdrawal attempts that were cancelled rather than completed.
Crypto commentary account Coin Bureau amplified the thread on X on September 6, 2026, calling attention to the growing complaint volume.
Source: Coin Bureau X Post
The exchange was acquired by FusionX Digital in the fourth quarter of 2025. Reports say BitMart founder Sheldon Xia joined FusionX's strategy committee the day after that deal closed.
BitMart announced on July 26, 2026, that it would cease operations and restructure, leaving more than 100,000 users unable to reach their funds. Xia has since offered only vague public statements insisting user assets remain safe, and those claims have not been independently verified.
Traders discussing the ZachXBT WooX thread point to overlapping leadership as the real concern, more than any single technical glitch.
| Exchange | Ownership Link | Status as of Sept 2026 |
| BitMart | Founded by Sheldon Xia | Ceased operations July 26, restructuring underway |
| WooX | Acquired by FusionX Digital, tied to Xia | Withdrawal delays reported; no shutdown confirmed. |
| AscendEX | Flagged by the investigator in June 2026 | Shut down within a week of being flagged |
The platform said on September 6 that it was reviewing withdrawal processing reports and checking individual cases against its system status.
It pointed customers to its proof of reserves and liabilities dashboard as evidence of asset backing but has not disclosed how many withdrawals are delayed, which blockchain networks are affected, or the total value stuck in the backlog.
Source: Official X Post
An earlier statement reportedly warned of legal action over fabricated claims, wording that was missing from a later public notice, a change the investigator questioned directly.
This is not the first exchange warning from the same investigator in 2026. In June, he flagged AscendEX over stuck withdrawals and thin liquidity in its known hot wallets, and AscendEX shut down within a week of that post.
Every case is different, and the ZachXBT WooX pattern, verified users reporting frozen funds, mirrors last week's AscendEX warning without yet proving insolvency or a confirmed security breach.
Keep screenshots and transaction IDs as records while the situation develops.
Avoid so-called recovery services that contact you offering to unlock frozen funds for a fee. These are a known scam pattern that targets people during exchange distress.
Track the exchange's own announcements alongside the investigator's Telegram channel for verified updates.
Avoid assuming a shutdown is confirmed until the platform issues a formal statement.
The ZachXBT WooX situation remains unresolved as of this writing, and a full statement addressing the scale of the delays has not been issued.
Market watchers note that shared leadership between troubled exchanges tends to draw faster scrutiny, even without proof of a direct operational link, and most analysts describe the ZachXBT WooX case as an early warning sign rather than confirmation of a collapse.
Users with pending withdrawals should avoid drawing conclusions before verified data emerges, monitor official WooX channels closely, and document any issues in case a formal resolution process becomes necessary.
YMYL Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency exchanges carry risk, and readers should conduct independent research before moving funds.
