A message was posted on the Chinese account of the BitMart exchange, calling on the company's CEO, Sheldon Xia, to conduct an audit and provide clarification regarding user funds. The latter claimed that the page was hacked.
At the time of writing this article, the post had been deleted. However, some users managed to take screenshots, including a response directly from the CEO of BitMart.
The statement said the following:
"Sheldon Li [also known as Sheldon Xia] and Yi Li, you owe an explanation to BitMart's users and employees. Up to the present moment, many users are unable to withdraw their assets, and team members have not received their salary for the last month or the compensation they are fully entitled to. This is not a situation where you can brush it off with a statement about ceasing operations."
To this, the CEO of BitMart responded as follows:
"We have gathered all necessary information on X, and it is all fabricated rumors. We will file a police report and send a lawyer's letter to team X, demanding a technical and analytical examination of the data. Employee funds do not take priority over client assets — everyone is a client, and there are no privileges."
Later, Xia emphasized that the account from which the first statement was posted had been hacked. According to him, BitMart employees are not involved in this situation.
At the same time, he did not refute the information presented in the appeal.
BitMart announced its closure at the end of July 2026. Shortly after, information emerged that many users encountered problems withdrawing funds from the platform.
Later, Thomas Brazil, founder and managing partner of 117 Partners, stated that the Cayman Islands Monetary Authority (CIMA) refuted the exchange's claims of registration in that jurisdiction. According to him, there is currently no clear understanding of where the exchange is registered or how claims can be filed against it.
