BitMart Exchange Shutdown Sparks Ultimatum Over $10M in Frozen Withdrawals

BitMart’s slow-motion collapse just turned into a public standoff. The crypto exchange, which announced weeks ago that it would wind down entirely, is now facing an ultimatum from its own users and staff: prove the money is still there, or expect regulators and lawyers to get involved. The BitMart exchange shutdown has moved from a routine wind-down notice into something far messier, with accusations of blocked withdrawals, unpaid salaries, and a founder who says the whole thing is a hacked-account hoax.

Key takeaways

• BitMart will stop trading on Aug. 26 and shut down completely by Jan. 31, 2027, after halting new deposits and registrations on July 26.
• Users and employees demanded reserve disclosures, an independent audit, and a repayment plan by Aug. 19, or evidence goes to regulators and law enforcement.
• Founder Sheldon Xia called the demands “fabricated rumors” from a hacked account and said he would file a police report.
• Some users say they have been locked out of withdrawals since July 26, with one claiming $10 million stuck on the platform.
• Employees say they never received July salaries or compensation tied to the shutdown decision.

BitMart Announces Shutdown Timeline

BitMart’s exit from the market is happening in stages, not all at once. The exchange confirmed that Aug. 26 will be the last day users can trade on the platform, with operations ceasing entirely by Jan. 31, 2027. That’s roughly a year and a half of wind-down runway, but the exchange stopped accepting new registrations and deposits back on July 26, effectively freezing the platform’s growth the moment the shutdown was announced.

… Continue reading the full article at the original source below.