BitMart faces demands for asset disclosures and repayment plans over frozen user funds and unpaid salaries, with a planned exchange shutdown on August 26.
Regulation & Gov ·
BitMart's Chinese-language account set an August 19 deadline for founders to publicly address allegations of frozen withdrawals and unpaid worker compensation, demanding verifiable disclosures of assets and a concrete repayment timeline. Founder Sheldon Lee characterized the claims as fabricated and stated the account had been compromised, though the exchange confronts mounting pressure as it prepares to halt trading on August 26. The demands encompassed full documentation of BitMart's current holdings, liabilities, and reserves, alongside explanations of when withdrawal restrictions took effect and whether the company solicited new deposits after discovering the problems.