BitMart Account Demands Founder Explain Funds, Xia Calls Post Fake
Users and employees want BitMart to disclose reserves and repayment details as the exchange disputes blocked withdrawals and unpaid salaries.
- On Monday, BitMart's Chinese-language X account publicly demanded that founder Sheldon Xia disclose asset status and publish a repayment plan by Wednesday, August 19, citing restricted withdrawals and unpaid staff compensation.
- The platform announced last month it would wind down operations after nine years, setting August 26 as the final trading day before ceasing all activities on January 31, 2027, following BMX token collapse and reported withdrawal delays.
- Wallets attributed to BitMart held about $36.5 million in crypto assets as of Monday, down from roughly $71 million on July 26 and $102 million on July 6, according to Arkham data tracking.
- Xia responded in an X post Monday, calling the demands "fabricated rumors" while stating he would file a police report and seek data forensics, adding that employees were not prioritized over customers.
- Authors of the demands warned they would submit evidence to regulators and law enforcement if no verifiable repayment plan is provided by the deadline, while Roshan Dharia, CEO of Echo Base, noted his firm offered a restructuring package.
26 Articles
26 Articles
BitMart's Own X Account Demands Proof of Reserves by Aug. 19, Founder Calls It a Hack
BitMart’s Chinese-language X account published a five-point open letter on Monday demanding that founder Sheldon Xia and a woman the letter identifies as his partner, Nancy Li, account for customer funds by August 19, disclose the exchange’s wallets, assets, liabilities and usable reserves, and pay employees their outstanding wages. Xia answered within hours in a post on X, written in Chinese, that the claims were “fabricated rumors.” The letter…
BitMart faces Aug. 19 deadline over withdrawals and user funds
BitMart users and employees have demanded that the crypto exchange disclose its reserves, explain reported withdrawal restrictions, and publish a repayment plan by Aug. 19 as questions continue over customer funds and unpaid staff compensation. A public statement posted on…
BitMart's Deadline Expires Tomorrow: What Happens to the Trapped Funds?
BitMart founder Sheldon Xia faces a 19 August deadline to disclose the exchange's assets, explain frozen user withdrawals, and present a repayment plan. The ultimatum arrived through BitMart's Chinese-language X account, which employees are reported to have taken control of, on 17 August, after weeks of blocked withdrawals. Trading on BitMart ends on 26 August, and the platform shuts down entirely on 31 January 2027. FinanceFeeds first covered t…
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 accou…
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