The BitMart users and employees have set Aug. 19 as the deadline for the exchange to respond to the problem of asset withdrawals and provide details about customer assets. An independent audit is also among the demands made of BitMart. These demands come following the shutdown notice issued by the exchange on Jul. 26 after nine years of operations. The exchange ceased new registrations, deposits, and trading but maintained the withdrawal process. Trading will be stopped on Aug. 26, while full operation will stop on Jan. 31, 2027.
Questions About Withdrawals Create More Pressure
Moreover, the open letter questions BitMart about reported withdrawal limitations and seeks information about when it became aware of such issues. Customers wonder who authorized the withdrawal restrictions and whether BitMart had continued encouraging deposits despite being aware of the problems. In connection with the withdrawal issues, BitMart earlier said that withdrawal issues were due to risk controls designed to deal with a scam that was exploiting activity subsidies provided by the platform. Once it announced its closing down, it said that withdrawals would still be allowed but may require extra verification steps. These steps may include identity verification, device verification, IP address check, withdrawal destination verification, funding source verification, and sanctions check.
Employees Demand Remuneration in the Wake of Increased Investigations
The statement further outlines claims of non-payment of salary and remuneration concerning some BitMart employees. The group is calling for investigations into the accounts and individuals that could be associated with customer funds. It also called on Yi Li to explain the ownership and sources of funding found in the unverified documents. The statement noted that allegations cannot prove anything without any proof. In 2021, BitMart experienced a $196 million crypto hack and had committed to compensation thereafter. The users now demand a timeline, estimates, priorities, and other relevant information by August 19.
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