Matthew Wang, co-founder and CEO of OpenGradient, stated that BitMart is having difficulties with payouts, claiming that their market maker team cannot withdraw funds stored on the exchange.
Wang stated on social media that his team was unable to access the balances on BitMart accounts and could not process withdrawal requests. The OpenGradient executive claimed this raises serious questions about BitMart's financial health.
Wang stated that OpenGradient's market maker team could not withdraw their funds stored on BitMart.
The CEO of OpenGradient stated that the exchange is "going bankrupt" and that the company cannot withdraw its funds from the platform.
Reportedly, BitMart Requested Token Holders to Lock Up Their Assets.
Wang also stated that approximately a week before the closure announcement, BitMart offered some token-utilizing projects campaigns encouraging token holders to lock up their assets on the exchange.
In a screenshot shared by Wang, an account presumably communicating on behalf of BitMart can be seen, offering token holders a six-month locked staking promotion.
The published message indicates that the campaign's annual return is approximately 15 percent, and that one of the goals is to encourage long-term token holding and reduce short-term selling pressure.
The CEO of OpenGradient stated that BitMart used these promotional campaigns to encourage users to store assets on its platform.
Wang characterized the decision to ask token holders to lock up their assets shortly before the exchange's closure as "a step taken to secure liquidity."
*This is not investment advice.
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