BitMart account demands founder explain funds status, Xia calls claims ‘fabricated’

BitMart’s official Chinese-language X account has publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan by Wednesday.

The account said in a Monday post that some users remained unable to withdraw funds and that some employees had not received their final salary or compensation, while calling on Xia to disclose BitMart’s wallets, assets, liabilities and available reserves, according to a machine translation of the post.

The post said if Xia does not provide a verifiable asset disclosure and repayment plan by the deadline, it would continue to submit evidence to regulators, law enforcement, lawyers and the media.

It was unclear who authored Monday’s post or whether the account remained under the company’s control. Cointelegraph contacted BitMart for comment but did not immediately receive a response.

BitMart announced on July 26 that it would wind down its exchange as its BMX token plunged and users reported withdrawal delays. The company said trading on the platform will end on Aug. 26 and operations will cease on Jan. 31.

The exchange has stopped accepting new deposits and registrations as part of the shutdown and warned that some withdrawals could face additional compliance and security reviews.