BitMart appears insolvent with user funds frozen, including $10.1M stuck since July 26 as staff vanished and withdrawals halted.
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BitMart appears to be insolvent with user funds locked on the platform and unable to be withdrawn. OpenGradient's market maker has balances stranded on the exchange, while another account reports $10.1 million frozen since July 26 after staff departed and the exchange halted withdrawals.
The frozen funds follow what has been characterized as a sudden operational collapse. Accounts allege that BitMart solicited token deposits from users approximately one week before ceasing operations, raising questions about the timing of the exchange's request for liquidity relative to its shutdown.
The scope of total user losses and whether any recovery mechanism exists remain unclear. No statement from BitMart management has been provided to address the insolvency claims or the status of locked funds.