The cryptocurrency exchange BitMart, which previously announced its closure, has faced criticism, for example from OpenGradient market maker co-founder Matthew Wang. It is being accused of insolvency and delays in withdrawing funds.
What is happening with BitMart?
At the end of July 2026, the company announced its closure. It is assumed that the platform will gradually wind down all operations by the end of January 2027. At the same time, BitMart particularly highlighted the fact that assets can be withdrawn even after the start of the transition period.
Despite this, the very next day on-chain experts Lookonchain reported certain problems with the platform. About $805,000 was withdrawn from it in 24 hours from 58 wallets, which, as analysts emphasized, is little for such a platform.
They also drew attention to the fact that for eight hours, not a single withdrawal from BitMart was recorded. Furthermore, some users directly pointed out the inability to receive funds, as transactions were processed for a long time and with errors.
Since the closure announcement, the exchange has not commented on the situation. Only on August 8, 2026, BitMart CEO Sheldon Xia published a message trying to reassure users.
According to him, the team is still consolidating assets, ensuring an orderly wind-down of operations.
"We have not misappropriated any assets nor have we taken any steps for premature withdrawal of funds or evasion of our obligations. We are considering involving courts and independent third-party auditors to prepare a transparent report," he stated.
New Complaints
On August 9, a user under the pseudonym BeardStaff stated on his X (formerly Twitter) page that a sum of $10.1 million was stuck on the exchange for him. He also pointed to suspicious behavior by team members. For example, his manager Tony deleted his Telegram account, and members of the management are not responding to requests to comment on the situation.
The trader asked BitMart's top management to clarify the situation and provide confirmation that the funds are safe. He also began collecting an evidence base from other victims.
His post was commented on by Matthew Wang. According to him, the funds of the OpenGradient market maker are also stuck on the exchange. He called the platform insolvent.
Furthermore, Wang attached screenshots of BitMart's proposal to lock up crypto assets for a period of six months with yields of up to 15% per annum, put forward a week before the exchange's closure. The CEO of OpenGradient considers this suspicious and unethical.
Numerous other victims commented on the post. The amounts stuck on the exchange range from relatively small, for example $3,000, to substantial.
A user under the pseudonym King David tried to withdraw $24,000 from the platform but received only $5.
"Many of us have begun to wonder if another scenario, similar to FTX, is unfolding here. [...] Now you [Sheldon Xia] have mentioned involving courts and third parties. Whatever legal or commercial complexities arise within BitMart's company, they should not become a burden for customers. We placed our funds with BitMart and are simply asking for them to be returned to us in a timely manner," he emphasized.
The team of the crypto project Gen6 stated that they contacted the Hungarian police due to problems withdrawing $80,000. The organization noted that they intend to use all possible legal levers to secure the return of funds.
Similar statements were also made by Paxi Network and Scandic Coin. They all point out that their withdrawal requests are not being processed.
According to Arkham Intelligence, wallets associated with BitMart hold crypto assets worth $36.4 million. As of early July 2026, the balance exceeded $100 million.
According to CoinMarketCap, the exchange's reserves amount to $4.6 million. And most of it is in the native token BMX.
end-content
