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Aug. 19 ultimatum
BitMart users and employees are demanding that the crypto exchange disclose its reserves, explain reported withdrawal restrictions, and publish a repayment plan by Aug. 19 as questions continue over customer funds and unpaid staff compensation.
“BitMart users and employees have demanded that the crypto exchange disclose its reserves”
The demands come weeks after BitMart announced plans to wind down its trading platform after nine years of operation, saying it would stop new registrations, deposits and new trading activity while allowing customers to withdraw funds during the shutdown process.
BitMart said on July 26 that all trading services would end on Aug. 26 before the company ceased operations on Jan. 31, 2027, and the open letter disputed whether the shutdown notice alone addressed the problems reported by users and employees.
In a translated version of the statement, the group called on BitMart to “disclose the wallets,” “disclose the assets,” “disclose the liabilities” and “disclose the actual usable reserves.”
The open letter also asked BitMart to explain why users were reportedly still unable to complete withdrawals normally and when management first became aware of the problems.
Founder denies, staff push
BitMart founder Sheldon Lee dismissed the claims as “fabricated rumors” and said the Chinese-language X account making the allegations was “hacked,” while users reported that withdrawals remained blocked after the July 26 announcement.
In a post on the exchange’s Chinese-language X account, Lee and business partner Yi Li were urged to open the company’s financial records to an independent audit, with a deadline of August 19 for a response.
CoinDesk reported that Lee said “To this day, a bunch of users still can't withdraw their own money, and a bunch of employees haven't even received their last month's salary” was not a matter that could be brushed off with a single “ceasing operations” statement.
Onchain investigator ZachXBT pushed back on Lee’s position, saying that if the company has liquidity it should return funds to everyone instead of posting vague statements.
Echo Base CEO Roshan Dharia told CoinDesk via Telegram that his firm offered a funded restructuring package for BitMart but received no response, warning that the situation is unlikely to be resolved without a court process.
Reserves, liabilities, and timelines
The dispute centers on what BitMart can prove about where user assets are and whether it can meet withdrawals during the wind-down, with the open letter seeking verifiable evidence including public wallet addresses, total liabilities, and usable liquid reserves.
“The freeze follows BitMart's July 26 wind-down announcement, which crashed the BMX token 58%”
The letter also demanded a clear explanation of why the BitMart withdrawal freeze occurred, who decided it, and whether management kept accepting deposits after knowing normal processing was impossible, while asking for full disclosure of related companies, trusts, or accounts linked to Li.
CoinGape said the freeze followed BitMart's July 26 wind-down announcement, which crashed the BMX token 58% and left users with stuck balances and no on-chain hashes, and it cited an August 19 deadline before escalation to global regulators and law enforcement worldwide.
CoinGape also said On-chain tracker Lookonchain noted only approximately 58 wallets withdrew a combined $805,000 in the first 24 hours after the announcement, including an 8-hour window with zero withdrawals processed.
As the final trading day on Aug. 26 approaches, CoinDesk reported that BitMart users and critics are demanding that the exchange restore withdrawals or submit to independent third-party audits, while BitMart’s plan sets full closure for Jan. 31, 2027.
