Bitmart founder knocks back fund misappropriation rumors, commits to orderly wind-down

Bitmart founder Sheldon Xia has denied that the exchange had fled with customer funds. He told account holders on X that the team is still working through asset inventory, asset consolidation, and system maintenance, with formal announcements to follow.

In his post, which was written in Chinese and shared on August 8, Xia first stated that the exchange “has not run away” and “will not run away.”

He then went on to ask users not to trust the wave of rumors, screenshots, and claimed leaks attributed to current and former staff.

However, Xia did not go into specifics, gave no figures, set no dates, and pointed to no reserve report. His post is coming on the same day that Bitmart set as the deadline for US customers to pull their crypto, with many users looking forward to the proofs.

A shutdown that keeps getting messier

Bitmart said on July 26 that it would begin an “orderly wind-down of its trading platform operations,” a decision it tied to its operating conditions, market environment, and strategic direction.

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