BitMart Users Demand Founder Disclose Reserves, Wallets, Repayment Plan By Aug. 19: 12 outlets compared

Aug. 19 ultimatum

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.