Users and market participants have reported widespread withdrawal disruptions on BitMart, while on-chain analytics and reserve estimates indicate a sharp decline in available assets.

Complaints and reported losses

Multiple users said they were unable to withdraw funds after the exchange announced it would cease operations, prompting public complaints and some police reports.

• One trader reported approximately $10.1 mln stuck on the platform.
• The market maker OpenGradient said it cannot withdraw funds, and its co-founder Matthew Wang labeled BitMart insolvent.
• Other projects reported blocked amounts starting at tens of thousands of dollars and began involving law enforcement.

On-chain balances and reserve estimates

According to Arkham, assets held on BitMart wallets dropped from more than $100 mln in early July to $36.4 mln, reflecting a substantial outflow of tokens.

CoinMarketCap places the exchange’s reserves at around $4.6 mln, noting that a significant share of those holdings is concentrated in the BMX token.

BitMart response and next steps

BitMart CEO Sheldon Xia denied misappropriating customer assets and stated the team is consolidating holdings to enable an orderly wind-down of services.

The exchange said it is considering legal actions and hiring independent auditors to review the situation, while users and third parties continue to report access and withdrawal problems.