BitMart founder rejects exit-scam claims as withdrawals remain stuck after July 26 winddown
AI Market Summary
Reports of prolonged BitMart withdrawal delays, disputed user and project funds, and declining on-chain tracked reserves are raising renewed counterparty-risk concerns across centralized exchanges. The founder's denial lacks timelines or verifiable proof-of-reserves, while holdings appear skewed toward illiquid tokens and the exchange token has sharply sold off. Near-term impact is likely higher risk premia for CEX exposure and cautious sentiment across liquid crypto assets.
Impact level
● Medium
Affected assets
BTC/USDT-2.13%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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BitMart users and several crypto projects say withdrawal requests have been delayed, with some reporting partial payouts or refusals. Gen6 said about $80,000 in withdrawals were rejected and it filed a complaint with Hungarian police, while Paxi Network and Scandic Coin also reported unprocessed requests. On-chain data cited by Arkham Intelligence put BitMart’s total assets at about $59.3 million, but show just $300,000 in BTC, $235,000 in ETH and $436,000 in USDC, fueling concerns about solvency. Founder Sheldon Xia has denied the exchange is an exit scam.
