BitMart faces withdrawal claims before shutdown

• BitMart users report blocked withdrawals as the exchange prepares to end trading on August 26.
• Founder Sheldon Lee rejected claims of wider problems and said the exchange’s Chinese X account was hacked.
• Users and critics are calling for independent audits of BitMart’s wallets, assets and liabilities.

BitMart is facing user complaints over blocked withdrawals as it prepares to end trading on August 26.

Founder Sheldon Lee rejected claims that users cannot withdraw funds and staff remain unpaid.

BitMart founder Sheldon Lee dismissed the claims as fabricated rumours and said the company had evidence supporting its position.

Lee said BitMart’s Chinese-language X account was hacked and that the company would report the matter to police.

Users and onchain investigator ZachXBT have called for withdrawals to resume or for an independent audit.

Echo Base CEO Roshan Dharia said his firm offered a funded restructuring plan, but BitMart had not responded.

BitMart said last month that it was winding down, with August 26 set as its final trading day.