BitMart Exchange Faces New Allegations of Insolvency

cryptonews.ruPublished on 2026-08-11Last updated on 2026-08-11

Abstract

Updated: August 10, 2026. Matthew, co-founder of OpenGradient, has raised new concerns about cryptocurrency exchange BitMart's solvency, as his team remains unable to withdraw funds stuck on the platform. He suggested the freeze might be a tactic for BitMart to attract additional liquidity, further fueling market doubts about the company's ability to meet its obligations despite a lack of confirmation or comment from BitMart. Earlier, BitMart founder Sheldon Xia asserted the exchange had "not run away" and had "no plans to run," attributing withdrawal issues to an ongoing asset inventory. In late July, BitMart announced the phased shutdown of its global exchange, having halted new client registrations, deposits, and spot trading. All spot, futures, and other trading services are set to cease on August 26, with the trading platform planned for complete termination by January 31, 2027.

Updated: 2026-08-10

OpenGradient co-founder Matthew has raised doubts about the solvency of the BitMart exchange, as his team still cannot withdraw the funds stuck there.

Matthew speculated that the blockage was necessary for BitMart to attract additional liquidity to the platform. Although there is no confirmation of his words, nor any comments from the exchange itself, this guess further intensifies market participants' doubts about the company's ability to meet its obligations.

Earlier, BitMart founder Sheldon Xia stated that the exchange has "not run away" and "does not intend to run away." He explained the withdrawal issues by saying the platform was conducting an asset inventory.

At the end of July, BitMart announced the phased closure of its global exchange, as previously reported by Happy Coin News. The platform stopped accepting new clients, cryptocurrency and fiat deposits, as well as new spot orders, while futures accounts transitioned to close-only mode. It was reported that all spot, futures, and other trading services would cease on August 26, and BitMart plans to completely shut down its trading platform by January 31, 2027.

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