BitMart Announces Orderly Shutdown of Platform Operations, Users Report Continuous Issues
BitMart has announced the orderly cessation of its trading platform operations, gradually stopping new registrations and deposits from July 26, halting all trading by August 26, and officially terminating platform operations on January 31, 2027.
The platform token BMX has plummeted, with users reporting withdrawal delays. The global CEO stated he was not consulted about the shutdown decision and has been informed of his dismissal; employees allege that the founder misappropriated user assets, attracted funds through high-yield financial products, and signed departure agreements in advance, but the official statement claims this is an orderly exit.
The event has accelerated the exit of small and medium exchanges, putting pressure on user withdrawals and asset security, and increasing risks associated with related platforms.
Netizen @Sea_Bitcoin's original post:
According to several BitMart employees' recent leak tweets, BitMart is not closing orderly but is planning a run.
Summary:
Founder Sheldon misappropriated about 20 million U of user assets;
Launched high-yield financial activities with annual rates of 12% and 18.88%, attracting nearly 40 million user assets, many of whom are unable to withdraw due to being drawn in by these activities;
The sudden crash of the platform token BMX triggered a rush for withdrawals;
In the days leading up to the incident, a large number of employees were asked to sign departure agreements;
On the day before the incident, 𝕏 operations received instructions to tweet and return links;
Multiple speculations about Amy's identity;
Only managed to recover 2 million U from assets, with 1 million used for user withdrawals and 1 million for employee salaries;
Users of another related platform WooxPro are advised to withdraw as soon as possible.
Source: Public Information
ABAB AI Insight
BitMart's sudden announcement to close after years of operation raises questions about the adequacy of reserves and the authenticity of the exit, compounded by slow withdrawals and a token crash.
In terms of resource mobilization, the platform attracted funds through high-yield products and adjusted personnel before the closure, possibly to buffer liquidity pressure, but the actual execution has made it more difficult to recover user assets.
Similar patterns can be seen in past cases where small and medium exchanges announced "orderly closures" amid liquidity crises, accompanied by withdrawal issues, currently in a phase of industry consolidation and trust testing.
Essentially, this reflects capital concentration and regulatory changes: weaker platforms exit under competitive and compliance pressures, with the mechanism being that user runs accelerate the exposure of reserve gaps.
ABAB News · Law of Cognition
Orderly closure statements are often accompanied by disorderly withdrawals
High-yield financial products are a signal of liquidity crises
Employee departure waves precede user rushes for withdrawals