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 social media account issued a public challenge to founders Sheldon Lee and Yi Li on August 17, setting an August 19 deadline for responses to allegations of frozen withdrawals and unpaid staff compensation. The account demanded verifiable disclosures of wallets, assets, and liabilities, along with a comprehensive repayment timeline and answers about who imposed withdrawal restrictions and when management first learned of the problem. It also raised questions about accounts potentially linked to Yi Li that may have moved tens of millions of dollars, while cautioning that such allegations remained unproven pending evidence.
Lee characterized the claims as "fabricated rumors" and stated the account had been compromised, announcing plans to file a police report and send a cease-and-desist letter to X. Blockchain investigator ZachXBT countered that if BitMart held sufficient liquidity, returning funds should be straightforward, highlighting the lack of transparency around user asset access. Lee later clarified that current employees were not responsible for the social media post.
The pressure intensifies as BitMart announced a trading halt set for August 26 with a final shutdown scheduled for January 31, 2027. The timing places BitMart among other platforms winding down operations during market contraction, though whether the exchange can resolve outstanding withdrawal and compensation claims before the deadline remains uncertain.