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FollowingBitMart's Chinese account requires the founder to respond to the freezing of user funds and employee salary arrears.
BitMart's Chinese account has questioned founders Sheldon Lee and Yi Li, asking them to explain the freezing of user funds and employee salary arrears, and has limited them to publicly respond before August 19. As questions grow about the whereabouts of exchange funds, the statement also requires disclosure of verifiable asset status and detailed repayment plans.
BitMart faces questions about user funds and withdrawals.
In a post posted on August 17, the account stated that many users are still unable to withdraw funds, and some employees have not yet received final salary or compensation. "This is not a simple commercial dispute. It cannot be resolved hastily based on a 'stop operating' statement." The post read.
The statement requires evidence of BitMart's current wallet address, assets, liabilities and available reserves. At the same time, management was asked to explain: Who restricted withdrawals? When will the decision be made? When did executives first learn that users could not withdraw cash normally?
The account further questioned: Will management continue to encourage users to deposit funds or conduct transactions after learning about the withdrawal problem? The statement called for an investigation into affiliated accounts, affiliated companies, trusts and other arrangements related to BitMart funds. In addition, questions were raised about accounts rumored to be related to Yi Li-these accounts allegedly held tens of millions of dollars in funds and had records of bulk withdrawals.
However, the account stressed that the allegations had not been confirmed and pointed out that potential criminal behavior should not be judged until the evidence is complete. However, if these accounts do exist, the source and destination of the funds need to be explained.
Employee salary issues are also a focus. The post believes that ordinary employees have not decided how to manage the company's funds or when to stop operating, so they should pay their salaries and outstanding compensation in full.
The August 19 deadline also involves a repayment plan, which needs to detail the remaining assets, total liabilities, expected user recovery ratio, repayment sequence, start and end dates, supervision arrangements, and possible independent audit plans.
Sheldon Lee responded
Sheldon Lee responded that the material quoted by the Chinese account was "fabricated rumors." According to him, BitMart has collected evidence and will report the case to the police during daytime hours in the United States. At the same time, it will send a lawyer's letter to Platform X requesting technical and data forensics.
Blockchain investigator ZachXBT questioned: If BitMart has enough liquidity, why didn't it directly return the funds? He also criticized the lack of transparency surrounding access to user funds.
However, in subsequent updates, Lee claimed that the account had been hacked and that the questions raised were not posted by current employees.
Shutdown schedule intensifies pressure
The controversy occurred shortly before BitMart shut down. A July 26 notice informed users that the exchange would cease trading services on August 26, with the official shutdown date set for January 31, 2027.
The announcement puts BitMart in line with other crypto platforms preparing to shut down during difficult market times, such as BitMEX telling customers on July 23 that it would cease operations by September 23. According to analyst Ran Neuner, the exchange closures are part of a broader market cleanup.
