BitMart users and employees demand answers from founders over frozen funds and unpaid wages, with deadline set for August 19.
News ·
An open letter posted from BitMart's official Chinese X account demands that founders Sheldon Xia and Nancy Li provide public answers to a series of questions regarding frozen user funds and unpaid employee wages by August 19. The statement, attributed to BitMart users and employees, outlines five specific areas requiring response: the whereabouts of user assets, reasons for continued withdrawal restrictions, investigation of related accounts and fund flows, payment of outstanding employee compensation, and a detailed, executable user repayment plan with timelines and oversight mechanisms.
The letter details allegations that numerous users remain unable to withdraw their holdings while employees have not received final month salaries or promised compensation. It raises questions about whether platform management knowingly allowed deposits and trading to continue while unable to process withdrawals, and requests public wallet disclosures, asset statements, liability breakdowns, and third-party verification of reserves. The statement also addresses Nancy Li specifically, questioning the source of funds related to luxury purchases documented on social media and requesting clarification on accounts potentially holding tens of millions of dollars linked to her name with withdrawal records.
Should the founders not provide complete, transparent, and verifiable responses by the deadline, the letter states that users and employees will submit available data, fund trails, and evidence to enforcement agencies, regulators, lawyers, and media outlets in multiple jurisdictions. The statement also calls on the broader Web3 industry—naming numerous crypto executives, platforms, and news outlets—to monitor the situation and support investigation into what it frames as a fundamental question about user asset protection within centralized exchanges.