BitMart's Chinese community demands proof of reserves, explanation of blocked withdrawals, employee payment resolution, and a repayment plan.
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Members of BitMart's Chinese community are publicly demanding the exchange provide verifiable proof of user reserves, clarify reasons for blocked withdrawals, resolve unpaid employee compensation, and outline a concrete repayment plan. ZachXBT challenged Sheldon, identified as BitMart's founder, to return funds rather than issue vague statements, citing lack of transparency and users' inability to access their holdings. One community member reported being unable to access approximately $10 million and stated that tens of thousands of others have reported similar fund access issues or losses.
Sheldon's response, posted in Chinese, indicated he has collected evidence of what he characterized as false allegations and stated plans to file a police report and send a legal letter to X (formerly Twitter) requesting technical and data preservation. He also asserted that employee assets do not take priority over customer assets and that all parties are customers with no special privileges. The exchange has raised APR rates during the period when withdrawal access has been restricted, drawing criticism from affected users.
What remains unclear is the scope of actual fund shortfalls, whether any external audits or regulatory investigations are underway, and the timeline for any resolution or fund recovery. No independent verification of BitMart's reserve status has been disclosed.