BitMart CPO resigns as insolvency speculation mounts

The resignation of BitMart Chief Product Officer Terence Lee has stoked speculation online that the soon-to-be-shuttered crypto exchange could well be insolvent.

In a statement, posted online, Lee claims that he wasn’t “responsible for the exchange’s core business,” and that he’s not involved in BitMart’s “operations, management, or asset-related matters of the company or any of its affiliated entities.”

He also stressed that he has “no authority over platform assets, accounts, or matters relating to user funds” and said that he wouldn’t comment on any legal proceedings, calling his resignation “my sole public clarification on this matter.”

Crypto streamer Travladd said that Lee’s departure “screams insolvency,” and claimed that he’s resigning “before shit hits the fan.”

BitMart situation has ‘gotten out of hand’

According to “Cao,” a lawyer who’s previously served BitMart demand papers, the “situation has gotten out of hand.”

They said that “Not being in control of assets doesn’t exempt a co-founder from responsibility; you don’t get to opt out of accountability by stepping back once things collapse.”

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