Matthew Wang, co-founder and CEO of OpenGradient, stated that BitMart is experiencing difficulties with payouts, claiming that their market-making team is unable to withdraw funds held on the exchange.
Wang stated on social media that his team could not access 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 the OpenGradient market-making team was unable to withdraw their funds stored on BitMart.
The OpenGradient CEO claimed the exchange was "going bankrupt" and that the company cannot withdraw its funds from the platform.
Reportedly, BitMart Demanded Token Holders Lock Up Their Assets.
Wang also stated that about a week before the announcement of the shutdown, BitMart was offering some projects using tokens to run campaigns encouraging token holders to lock their assets on the exchange.
A screenshot shared by Wang shows an account, apparently communicating on behalf of BitMart, offering token holders a six-month locked-staking promotion.
The posted message indicates that the campaign's annualized yield is approximately 15 percent and that one of the goals is to encourage long-term token holding and reduce selling pressure in the short term.
The OpenGradient CEO claimed BitMart used these promotional campaigns to encourage users to keep assets on its platform.
Wang characterized the move to ask token holders to lock their assets shortly before the exchange's closure as "a step taken to secure liquidity".
*This is not investment advice.
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