bitmart

BitMart officially released a long announcement on platform X, with the main content as follows: "This announcement aims to inform everyone of the latest developments following the announcement on July 26, 2026. We thank users for their patience during this period.After further discussions with users, stakeholders, and professional advisors, BitMart is formulating a potential restructuring plan as an alternative to a comprehensive liquidation. This plan may include a phased and orderly resumption of some business operations while distributing assets to creditors. The relevant arrangements still require further legal, financial, operational, and compliance assessments. To advance the relevant processes, BitMart has appointed Weikai Law Firm as its restructuring legal advisor. Weikai will work with BitMart's other professional advisors to evaluate feasible plans and assist in formulating a potential restructuring plan, which includes a framework for phased resumption of operations.Currently, we are working with the advisory team to develop a roadmap, aiming to release the next update no later than September 9, 2026.Once the relevant information is confirmed, we will continue to update the community. During the advancement of the above work, we kindly ask everyone to remain patient and understanding. Once the business recovery plan is formally drafted, we plan to solicit feedback from community users. Please continue to pay attention to our official website, official mobile app, and official social media channels for subsequent announcements. As always, please be vigilant against various scam messages and only trust content released through BitMart's official channels. Thank you for your trust and support."

BitMart announced that it is developing a potential restructuring plan as an alternative to a complete shutdown. This plan may include a phased restoration of some operations under an orderly arrangement and distribution to creditors, but further legal, financial, operational, and regulatory assessments are still needed.BitMart has appointed White & Case as its restructuring legal advisor to assist in evaluating feasible options and developing a framework for restructuring and phased restoration of operations. BitMart stated that it is currently working with advisors to formulate a roadmap and will strive to provide further updates by September 9, 2026.

BitMart founder Sheldon stated that regarding the public accountability statement released by a BitMart employee through the official Twitter account, he has completed the collection of evidence related to the content and claims that the information is all false. Sheldon indicated that he will report to the police during the day in the United States and send a lawyer's letter to the X platform, requesting technical and data evidence collection regarding the relevant content. Sheldon also stated that employee assets do not take precedence over customer assets, and everyone is a customer, with no privileges existing. Previously, BitMart employees publicly questioned the whereabouts of platform assets and related handling situations. Sheldon had previously stated that he would respond to the whereabouts of platform assets by the 19th.Blockchain investigator ZachXBT posted on the X platform questioning the BitMart exchange. In response to the relevant account, he stated that if BitMart indeed has sufficient liquidity, it should directly return the funds to all users instead of issuing vague statements. ZachXBT pointed out that BitMart's related actions have caused real users to be unable to use their funds normally, and there is insufficient transparency. This statement has raised market concerns about the safety of the exchange's funds and operational transparency.

Regarding the issues of BitMart users' asset withdrawal restrictions and employees' unpaid salaries and compensations, employees of the platform publicly called on BitMart's management and relevant responsible parties to respond publicly by August 19 regarding the whereabouts of user assets, the platform's reserve situation, the reasons for withdrawal restrictions, and employee salary compensations. The open letter pointed out that a large number of users are still unable to withdraw their assets normally, and some employees have not received their last month's salary and due compensation; against this backdrop, if the platform only responds with announcements such as "ceasing operations," it cannot resolve the actual problems faced by users and employees. Relevant individuals requested that BitMart publicly disclose wallet, asset, liability, and available reserve information that can be verified by third parties, and explain when the platform became aware of the funding and withdrawal issues, who made the relevant decisions, and whether it continued to encourage users to redeem or trade despite being aware of the risks.The open letter also called for an investigation into related accounts, affiliated companies, trusts, and other funding arrangements associated with BitMart user assets, and specifically requested that the founder's partner provide explanations regarding their related accounts and funding situation. The open letter stated that there is currently information pending further verification indicating that BitMart accounts related to the founder's partner may have held assets worth tens of millions of dollars and have records of batch withdrawals; relevant individuals emphasized that no criminal characterization will be made against any individual until evidence is fully verified, but they demanded public clarification on whether the aforementioned accounts exist, asset ownership, sources of funds, transfer directions, and whether there is any connection with BitMart user assets, and called for an independent investigation into the relevant fund flows. At the same time, the open letter requested that BitMart promptly settle the salaries and compensations owed to employees, asserting that ordinary employees should not bear the consequences of management's operational decisions.In addition, the open letter requested that BitMart publish a user repayment plan with a clear execution timeline by August 19, including the scale of remaining assets, total liabilities, expected recovery ratio for users, repayment order, start and completion times, and supervision mechanisms, and explicitly stated acceptance of third-party independent audits. The open letter indicated that if a complete, transparent, and verifiable asset explanation and repayment plan are not obtained by then, they will consider submitting existing materials, funding clues, and relevant evidence to law enforcement agencies, regulatory authorities, lawyers, and the media in various locations to promote further investigation.

ChianCatcher news, Terence Lee, one of the early co-founders of BitMart (GBM Global Holding Company Limited), stated, "In recent years, I have not been responsible for the main business of the exchange, and my work has mainly focused on exploring new products and new business. I will withdraw from all company affairs on July 31, 2026, and will not participate in any operations, management, or asset-related matters of the company or any of its affiliated entities. The procedures for resigning from relevant positions and canceling registrations are currently being processed. I deeply regret the difficulties and impacts caused to users by the platform's cessation of operations. However, I currently have no authority to handle matters related to platform assets, accounts, or user funds, nor can I answer questions related to platform operations or asset disposal. Relevant requests should be made through the channels indicated in the official announcement and through legal means. Recently, my identification information, photos, and several false pieces of information have been circulated, and I have reported this to law enforcement and reserved the right to pursue legal responsibility. This statement is my only public explanation regarding this matter, and I will no longer respond to related inquiries individually."

OpenGradient co-founder Matthew posted that his market maker (MM) team's funds on the BitMart trading platform are currently unable to be withdrawn, with the reason suspected to be related to the platform's insolvency. Matthew stated that BitMart still required token holders to lock their assets on the platform a week before halting related services, an action that he described as "shocking."He believes that BitMart's previous push for users to lock their assets was essentially just to gain liquidity. Currently, BitMart has not responded to these related accusations. This incident has raised community concerns about the security of funds on centralized trading platforms, asset custody, and liquidity management risks.

In response to the doubts regarding a large number of users being unable to withdraw funds after the shutdown, BitMart founder Sheldon stated on the X platform: "1. We have not run away, nor will we. 2. Many rumors and so-called revelations from former employees and current employees, screenshots, etc., please do not believe in rumors. 3. The core team is still conducting asset inventory, asset collection, and system maintenance work; orderly refunds are our goal, please wait for announcements and notifications. 4. We have not misappropriated assets, nor have we engaged in early withdrawals or evacuations; we have considered the involvement of courts and third-party auditing agencies to provide a transparent report."

According to Onchain Lens monitoring, in the past 24 hours, BitMart has not processed any single withdrawal of altcoins, stablecoins, or Bitcoin exceeding $25,000, and on-chain data also does not show that retail investors, market makers, or project teams have made large withdrawals from BitMart.

Crypto KOL Phyrex posted on platform X, stating, "BitMart and BitMex did not close due to a collapse; it is very different from the sacrifice of FTX. These two primarily faced business issues."According to him, in 2023, BitMart had approached his associates about an acquisition, and they had done a lot of data analysis at the time, but it ultimately came to nothing. In fact, part of the decline of many third-tier exchanges is due to the impact from Binance Alpha.Small exchanges are essentially the stronghold of various altcoins, pump coins, Ponzi coins, and community coins, but the emergence of Alpha has provided better sources for these coins, which has also led to a significant reduction in listing fees for third-tier exchanges and a decrease in profits from joint market-making.Another reason is the signal teachers. In fact, the total number of signal teachers is not very large, but they have waves of associates. These teachers generally move between various exchanges, and once a new exchange offers better profits, these teachers quickly lead their followers to switch. The recent well-known cases of exchanges running away generally follow this pattern.

BitMart's global CEO Nenter Chow posted on the X platform stating that he was informed on July 24 that his position as global CEO would be terminated and that he would immediately enter the resignation process.Nenter Chow stated that since July 24, he has not participated in BitMart's management and decision-making, nor has he been involved in discussions or decisions regarding the cessation of the trading platform's operations. He indicated that he only learned of this decision after the official announcement from BitMart was made public.Nenter Chow expressed that his primary concern at the moment is the safety of BitMart users' assets and the placement of employees, and he reminded users to only refer to BitMart's official channels for handling account-related matters.

Regarding the details of the withdrawal announcement released by Bitmart, WOO X ambassador Baki posted on the X platform, "BitMart is restricting user withdrawals for security reasons, and its operation to disable the automatic withdrawal function may result in a large number of users being unable to complete fund withdrawals. The platform has changed the withdrawal process to manual review, requiring users to submit account identity and KYC information verification, login device and IP address and account security status verification, withdrawal address and blockchain transaction risk review, source of funds and transaction history review, Travel Rule compliance and sanctions screening, and other regulatory checks. If necessary, additional documents such as proof of identity, proof of address, proof of source of funds, or proof of ownership of the withdrawal address may also be required."Baki suggested that users with P2P options could withdraw to their bank accounts through that channel; he also emphasized that the crypto market is not decentralized but controlled by a few large groups, exchanges, and funders.

According to the official announcement, BitMart has announced that after assessing its operational status, market environment, and future strategic direction, the platform has decided to orderly cease trading operations. Starting from July 26 at 01:30 (UTC), BitMart will gradually stop new user registrations and cryptocurrency, fiat currency deposits. The contract accounts will enter a mode of only reducing positions, spot trading will stop accepting new orders, and automated services such as copy trading, grid trading, and API trading will also gradually shut down.Starting from August 26 at 01:00 (UTC), BitMart will stop all spot, contract, and other trading services. Any contract positions that have not been closed by then may be processed according to the marked price, index price, or applicable settlement rules. Financial management, staking, lending, and Launchpad products will be terminated in phases, with specific redemption and settlement arrangements to be notified separately.The platform plans to officially cease trading platform operations on January 31, 2027, at 15:59 (UTC). After the shutdown, users will still be able to log into their accounts, view their history, and submit withdrawal requests within a specified period. BitMart advises users to complete identity verification and close all positions before August 26 at 01:00, and to submit withdrawal requests before 05:00 on the same day.Withdrawal services are still available, but some requests may be subject to manual review due to KYC, device and account security, source of funds, withdrawal address, Travel Rule, sanctions screening, and other requirements. BitMart reminds users to download and save their account balances, deposit and withdrawal records, and transaction history in advance, while also being vigilant against scams impersonating platform personnel who charge "expedited fees," "unfreezing fees," or request passwords, verification codes, private keys, and mnemonic phrases.

According to crypto KOL Crypto Fearless, the BitMart platform token BMX plummeted over 60% yesterday. Subsequently, some users in the community reported that the withdrawal review time has significantly increased compared to usual, and other users stated that hundreds of U withdrawals initiated in the morning have not yet arrived.Currently, BitMart has not issued a public statement regarding the withdrawal delays. Considering that withdrawal anomalies are often a precursor to platform risks, Crypto Fearless advises users still holding assets on BitMart to withdraw their funds as soon as possible.

According to the ranking data from RootData on stock derivatives exchanges, as of the time of writing, the top five exchanges with the largest spreads among the Top 15 are BitMart (3.39%), MEXC (0.465%), BingX (0.422%), Phemex (0.426%), and XT.COM (0.144%).It is reported that this spread is weighted by the 24-hour trading volume, and a higher value typically indicates higher trading costs.

According to Arkham data, at 03:05, 12,699,300 BMC (worth approximately $3.83 million) was transferred from Wintermute to BitMart.

Smart AI core token SAIT was launched on the global digital asset trading platform BitMart, opening the SAIT/USDT trading pair. This launch is a key milestone in the liquidity construction of the Smart AI ecosystem, marking the project's official entry into the mainstream trading market and providing global users with a safe and convenient trading channel.Smart AI is initiated by the Australian Institute of Artificial Intelligence Technology, focusing on the integration of AI and blockchain, and is committed to creating an efficient and transparent digital asset ecosystem. SAIT, as the native token of the ecosystem, will deeply empower platform governance, functional usage, and value circulation.The official announcement revealed that Smart AI platform products will be launched in April 2026, at which time core functions such as AI creation, content assetization, and on-chain trading will be opened, connecting the entire link from content production to asset circulation, bringing an integrated Web3+AI experience to users and ecosystem partners.

Alex, the technical representative of the Australian Smart Artificial Intelligence Research Institute, delivered a keynote speech at an online community meeting, focusing on the latest trends in the artificial intelligence sector. He elaborated on industry opportunities and the value of the era in 2026, combining phenomenal open-source AI agent products like OpenClaw and Dream Seedance 2.0.In the speech, Alex detailed the technical roadmap and implementation plans for smart AI in areas such as AI creation, content assetization, decentralized trading, and on-chain finance. He also officially announced that the SAIT token will be listed on the BitMart exchange on March 16, with the platform's full product line expected to launch in April. This speech signifies a key signal for smartAI's advancement in global layout and acceleration of ecological implementation, further closing the loop between AI technology and Web3 asset circulation.