FTX Scenario? BitMart Accused of Issues With Withdrawals and Insolvency
Cryptocurrency exchange BitMart, which previously announced its closure, is facing accusations of insolvency and withdrawal issues, drawing comparisons to the FTX collapse. Despite announcing a gradual wind-down until January 2027 and assuring users they could withdraw assets, reports emerged of significant problems shortly after.
On-chain analysts noted unusually low withdrawal volumes, with some users reporting failed or stuck transactions. BitMart's CEO, Sheldon Xia, eventually broke the company's silence on August 8, 2026, claiming the team was consolidating assets for an orderly shutdown and denied misappropriating funds, mentioning potential court and auditor involvement.
However, new complaints arose. A user named BeardStaff claimed $10.1 million was stuck, while Matthew Wang, co-founder of market maker OpenGradient, accused BitMart of insolvency, noting his firm's funds were also trapped. Wang highlighted a suspicious offer from BitMart for high-yield, locked staking just a week before the closure announcement. Numerous other users reported being unable to withdraw sums ranging from thousands to millions of dollars.
Several crypto projects, including Gen6, Paxi Network, and Scandic Coin, are pursuing legal action. Data from Arkham Intelligence shows BitMart's wallet holdings have plummeted from over $100 million in early July 2026 to around $36.4 million, while CoinMarketCap data indicates reserves are only $4.6 million, mostly in BitMart's native BMX token.
cryptonews.ru08/11 13:22
