BitMart Under Fire
The BitMart exchange, which has been operating for nearly a decade, is now at the center of a storm. As it launched a gradual closure plan at the end of July, allegations of insolvency have come flooding in.
Matthew, co-founder of OpenGradient, was the first to raise the alarm: his market-making team can’t withdraw funds, leading him to suspect that BitMart has lost the ability to pay. Even more explosive is his claim that, a week before the exchange stopped related token services, it was still encouraging users to lock up their tokens.
What does BitMart say? As of now, there are no proof-of-reserves reports, and no rebuttal—just silence. All the allegations stem from a single social media post and have not yet been independently verified.
Past experience reminds us: during the so-called “orderly shutdown” phase, things are often most likely to go awry. If you still have funds sitting on similar platforms, keep a close watch on developments—don’t take it lightly.
The BitMart exchange, which has been operating for nearly a decade, is now at the center of a storm. As it launched a gradual closure plan at the end of July, allegations of insolvency have come flooding in.
Matthew, co-founder of OpenGradient, was the first to raise the alarm: his market-making team can’t withdraw funds, leading him to suspect that BitMart has lost the ability to pay. Even more explosive is his claim that, a week before the exchange stopped related token services, it was still encouraging users to lock up their tokens.
What does BitMart say? As of now, there are no proof-of-reserves reports, and no rebuttal—just silence. All the allegations stem from a single social media post and have not yet been independently verified.
Past experience reminds us: during the so-called “orderly shutdown” phase, things are often most likely to go awry. If you still have funds sitting on similar platforms, keep a close watch on developments—don’t take it lightly.