BitMart Founder Responds: No Exit, Will Proceed with Orderly Refunds
BitMart founder Sheldon responded to rumors, stating that the platform has not and will not exit.
He urged not to trust so-called revelations and screenshots from former or current employees, emphasizing that the core team is conducting asset inventory, collection, and system maintenance, with the goal of orderly refunds; he stressed that no assets have been misappropriated and there are no early withdrawal operations, and they are considering involving the court and third-party auditors to provide a transparent report.
The exchange entering the refund phase has caused fluctuations in trust, accelerating the asset recovery process for users, benefiting holders waiting for official channels, while rumors and liquidity pressures are under strain.
Original text
1. We have not exited, nor will we exit.
2. Many rumors and so-called revelations from former and current employees, screenshots, etc., please do not trust these rumors.
3. The core team is still conducting asset inventory, collection, and system maintenance work; orderly refunds are our goal, please wait for announcements and notifications.
4. We have not misappropriated assets, nor engaged in early withdrawals or exits; we are considering the involvement of courts and third-party auditing agencies to provide a transparent report.
Thank you for your trust.
Source: Public Information
ABAB AI Insight
BitMart announced an orderly cessation of trading platform operations in July 2026, planning to gradually shut down services by early 2027. Founder Sheldon Xia publicly responded to concerns about disappearance and misappropriation during the refund process, shifting from normal operations to asset inventory and exit arrangements.
Resources are focused on asset verification and system maintenance, motivated by the need to stabilize user expectations through official statements and potential third-party audits, avoiding panic withdrawals that could complicate the refund process, while clarifying the distinction from internal rumors.
This is similar to the shutdown cases of many small to medium-sized exchanges in history; currently, it is in a transition phase from operation to liquidation, facing challenges of trust and reserve transparency in the cryptocurrency exchange industry.
Essentially, this reflects regulatory changes and trust reconstruction: information disclosure during the refund process becomes crucial, and in the absence of immediately verifiable reserves, the founder's statements and audit commitments serve as temporary pillars to maintain user confidence.
ABAB News · Cognitive Law
The value of refund statements depends on subsequent verifiable actions.
Rumors spread fastest in times of information asymmetry.
Orderly exits preserve residual trust better than sudden disappearances.