BitMart Account Demands Answers Over Frozen User Funds and Unpaid Salaries

BitMart’s Chinese-language account has demanded answers from founders Sheldon Lee and Yi Li over frozen user funds and unpaid employee salaries, giving them until August 19 to respond publicly.

The statement also calls for verifiable asset disclosures and a detailed repayment plan as questions grow over what happened to funds held on the exchange.

BitMart Faces Questions Over User Funds and Withdrawals

In a post published on August 17, the account said many users still cannot withdraw their funds, while some employees have yet to receive their final salaries or compensation.

“This isn’t some business dispute that can be brushed off with a single ‘ceasing operations’ statement,” it wrote.

The statement demanded evidence showing BitMart’s current wallets, assets, liabilities, and usable reserves. It also asked management to explain who restricted withdrawals, when the decision was made, and when executives first knew users could no longer withdraw normally.

The account further questioned whether BitMart continued encouraging deposits or trading after management became aware of withdrawal problems. It called for an investigation into affiliated accounts, related companies, trusts, and other arrangements involving BitMart-related funds. The statement also raised questions about accounts allegedly linked to Yi Li that may have held tens of millions of dollars and recorded batch withdrawals.

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