TL;DR
- BitMart’s official Chinese account demanded that founder Sheldon Xia present a reimbursement plan before August 19 or face regulatory complaints.
- Xia dismissed the accusations about unpaid salaries and blocked withdrawals as “fabricated rumors” and announced legal action against those behind the posts.
- Wallets tracked by Arkham and attributed to the exchange dropped from $102 million on July 6 to the current $36.5 million.
The internal conflict at BitMart escalated publicly after its official Chinese-language account on platform X demanded that founder Sheldon Xia explain the fate of user funds and present a reimbursement plan before Wednesday, August 19.
The post, whose authorship has not yet been confirmed, stated that some users were still unable to withdraw their funds and that certain employees had not received their final salary or any compensation. It also demanded that Xia disclose the exchange’s wallets, assets, liabilities, and available reserves.
夏爾特、李伊，你們欠全球 BitMart 用戶跟員工一個交代。@sheldonbitmart @BitMartExchange
到現在還是一堆用戶領不回自己的錢，一堆員工連最後一個月的薪水、該拿的補償都沒拿到。
這不是丟一句「停止營運」就可以當作沒事的商業糾紛。
對很多普通用戶來說，鎖在 BitMart… pic.twitter.com/vhiJoyo0mh
— BitMart 币市 (@BitMart_zh) August 17, 2026
The statement warned that, if the deadline passed without a verifiable asset disclosure and a payment plan, evidence would continue to be submitted to regulators, law enforcement, lawyers, and media outlets. BitMart has not issued any comment on the matter as of this time.
BitMart: Accusations and a Scandalous Closure
The exchange announced on July 26 that it would shut down operations, amid the collapse of its token BMX and reports of withdrawal delays. According to the official timeline, trading operations will end on August 26 and all activities will cease on January 31. The platform stopped accepting new deposits and registrations as part of the closure process, with the warning that some withdrawals could be subject to additional compliance and security reviews.
Xia responded on Monday on X, dismissing the official account’s claims as “fabricated rumors” and announcing that he would file a police report and a legal letter with the social network to demand technical and forensic data analysis. He also denied that BitMart employees were being prioritized over customers in the handling of assets, and stated that “everyone is a customer” and that no differentiated privileges exist.
已对X内容全部取证，全是造谣，美国时间白天会进行报警以及向X发律师函，要求技术和数据取证。其他请耐心等待公告。员工资产并不优先于客户资产，大家都是客户，没有特权。
— Sheldon (@sheldonbitmart) August 17, 2026
The Exchange’s Funds Are in Free Fall
Wallets attributed to BitMart by the intelligence platform Arkham currently hold approximately $36.5 million in crypto assets, down from $71 million on July 26 and $102 million on July 6. However, the tracked wallets may not represent the entirety of the assets controlled by the exchange, and it remains unclear what proportion of the decline reflects customer withdrawals, asset consolidation, or transfers to other wallets.
