Overview
- Users and some staff published an open letter on Monday, Aug. 17 that gives BitMart until Aug. 19 to produce verifiable proof-of-reserves, disclose wallet addresses and publish a detailed repayment plan or face escalation to regulators and law enforcement.
- BitMart says the Chinese-language post that announced the demands came from a compromised account and that founder Sheldon Lee has denied misappropriation while promising to file police reports and order technical forensics.
- Many customers continue to report delayed or blocked withdrawals since BitMart announced its staged wind-down on July 26, and some employees say they have not received last month’s pay.
- The exchange’s wind-down schedule still sets Aug. 26 as the final trading day and Jan. 31, 2027 for full closure, which users warn could leave unresolved claims if transparent asset and liability figures are not produced quickly.
- The dispute revives trust questions rooted in BitMart’s December 2021 hot-wallet hack that stole roughly $150–196 million, and independent audits or court-supervised restructuring are now flagged as likely paths to resolve dispersed customer claims.