1 Dec 2021 Confirmed
In December 2021 BitMart suffered a hot wallet breach losing approximately $196 million across Ethereum and Binance Smart Chain wallets. The founder committed company funds to make affected users whole at the time.
Independent record · not affiliated with BitMart
BitMart: Frozen Withdrawals, Missing Answers, Growing Victim Reports
Since BitMart began shutting down on 26 July 2026, affected users report they cannot withdraw a cent — even though the exchange told them withdrawals would stay open. This page documents what is known and how to act.
01
What BitMart stated
Drawn from the exchange's own notice and from financial press reporting on it. These are not allegations.
“BitMart has not run away and will not run away.”
Sheldon Xia, founder · 8 August 2026 · reported by Protos and The Cryptonomist
02
What users report
Tens of thousands of users say they have been affected by the withdrawal crisis, and affected users believe the actual number may be significantly higher.
Affected users report that withdrawals remain stuck without a TXID, are rejected, or are cancelled, while account balances remain visible but, according to those users, cannot be withdrawn.
The Crypto Times · The CryptonomistAffected users report that withdrawal problems began before the 26 July 2026 wind-down announcement.
Members of the affected community report that they are not observing successful customer withdrawals, while withdrawal requests continue to be cancelled, rejected, or left pending.
03
Named officers
Affected users are seeking answers from BitMart's founders, senior leadership, finance personnel, and other individuals who may have held relevant decision-making or operational responsibilities. Naming a person is not an accusation of wrongdoing.
Founder
Sheldon Xia
Publicly denied on 8 August 2026 that the exchange had absconded with customer funds, stating the team was conducting asset inventory and system maintenance.
Co-founder & Chief Product Officer
Terence Lee
Co-founder, at the same level as Sheldon Xia.
04
Open questions
Each is answerable from records that exist — exchange logs, on-chain data, internal authorisations. None has a public answer.
Why can users not withdraw their funds, and when will withdrawals be fully restored?
Where are customer assets currently held, and are obligations to users backed 1:1 by reserves?
Why were deposit-product APRs raised shortly before operations stopped?
Why were fixed-term deposit funds returned automatically without the promised interest?
Why were certain VIP customers reportedly allowed to close fixed-term deposits early while keeping the interest?
Why were staff reportedly instructed, before the shutdown, to delete posts and hand over access to corporate social-media accounts?
05
Preserve this evidence
Whatever comes next turns on documentation, and records are easiest to collect while the platform is still reachable.