❌ FTX scenario? BitMart accused of cash-out problems and insolvency
After the announcement that the crypto exchange was shutting down, users began filing mass complaints about delays and the inability to withdraw assets.
- One of the traders on the platform has $10.1 million stuck;
- market maker OpenGradient also cannot withdraw funds, and its co-founder Matthew Wang called BitMart insolvent;
- other projects reported blocked sums in the tens of thousands of dollars and began contacting the police;
- according to Arkham, assets in BitMart wallets fell from over $100 million at the beginning of July to $36.4 million;
- CoinMarketCap estimates the exchange’s reserves at only $4.6 million, with a significant portion attributable to the BMX token.
BitMart CEO Sheldon Xia denies the alleged misappropriation of funds and says the team is consolidating assets for an orderly closure of the platform. The exchange is also considering involving courts and independent auditors.
After the announcement that the crypto exchange was shutting down, users began filing mass complaints about delays and the inability to withdraw assets.
- One of the traders on the platform has $10.1 million stuck;
- market maker OpenGradient also cannot withdraw funds, and its co-founder Matthew Wang called BitMart insolvent;
- other projects reported blocked sums in the tens of thousands of dollars and began contacting the police;
- according to Arkham, assets in BitMart wallets fell from over $100 million at the beginning of July to $36.4 million;
- CoinMarketCap estimates the exchange’s reserves at only $4.6 million, with a significant portion attributable to the BMX token.
BitMart CEO Sheldon Xia denies the alleged misappropriation of funds and says the team is consolidating assets for an orderly closure of the platform. The exchange is also considering involving courts and independent auditors.