Matthew, co-founder of OpenGradient, stated that his market-making team's funds on the BitMart exchange are currently inaccessible, suspecting that the reason is related to the platform's insolvency. He claimed that BitMart continued to promote user asset locking a week before announcing an "orderly shutdown," describing it as an operation aimed at "draining liquidity."

On July 26, BitMart announced it would orderly cease operations by January 31, 2027, and promised to keep withdrawal channels open during the liquidation period. However, on-chain data and user feedback indicate that large withdrawal requests are being processed very slowly, with multiple users and project parties claiming that funds ranging from millions to tens of millions of dollars cannot be withdrawn. Data providers like Lookonchain noted that there were almost no successful withdrawal records during certain periods after the announcement, and large withdrawals over $25,000 have nearly come to a halt.

Matthew revealed that his market-making team's balance on BitMart is also stuck, with withdrawal requests not being executed. He expressed further dissatisfaction that BitMart continued to encourage token projects and users to lock assets on the platform with high APY and staking activities just a week before the shutdown announcement. He believes this behavior of first absorbing locked liquidity and then announcing a shutdown is highly suspicious, essentially "squeezing user funds" during a liquidity crunch.

BitMart has not yet responded in detail to the accusations of "insolvency" and "locking liquidity." Founder Sheldon previously denied allegations of being unreachable and misappropriating assets, stating that the core team is conducting an asset inventory and considering involving judicial institutions and independent audits to disclose asset status and exit arrangements. However, with the obstacles to withdrawals, internal employee leaks, and public accusations from market makers, market trust in the platform's solvency and asset custody security has significantly weakened.

This incident has reinforced three risk concerns regarding centralized exchanges at the community level: first, the mixing of user and platform assets could lead to hidden insolvency; second, locking assets and high APY activities close to business adjustments pose moral hazards of "absorbing last liquidity under the guise of returns"; third, even with an "orderly exit" announcement, the actual speed and transparency of withdrawal execution are key to assessing the platform's true health. For market makers, project parties, and high-net-worth users, keeping large amounts of funds in a single exchange, participating in locking activities, and relying on platform promises are being reassessed as high-risk behaviors.

Source: Public Information