TLDR
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Withdrawal concerns deepen as BitMart faces an August 19 disclosure deadline.
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Employees join users seeking unpaid wages and clear repayment timelines from BitMart.
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BitMart faces calls to reveal liabilities, wallets, reserves, and repayment details.
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Users may escalate BitMart complaints if the exchange misses its August 19 deadline.
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BitMart users seek clear answers on reserves as the platform prepares to shut down.
BitMart users and employees have demanded proof of reserves and a repayment plan before an August 19 deadline. The group also seeks answers about reported withdrawal restrictions and unpaid employee compensation. The demands intensify pressure on BitMart as the exchange proceeds with its planned shutdown.
BitMart Users Seek Verifiable Proof of Reserves
The open letter asks BitMart to disclose customer wallets, available assets, total liabilities, and usable reserves. Users want figures showing whether the exchange can meet outstanding withdrawal obligations. They also requested independent verification instead of relying only on statements from company management.
The group wants the exchange to explain the reported withdrawal problems affecting customer accounts. It also seeks details about when management became aware of processing difficulties. Users further asked who approved any restrictions and whether deposits continued after those problems emerged.
BitMart previously said additional security checks could delay withdrawals during the shutdown process. Those checks can cover identities, devices, IP addresses, destinations, funding sources, and sanctions screening. However, affected users argue that these checks do not explain the platform’s available reserves.
Withdrawal Concerns Follow Planned BitMart Shutdown
BitMart announced its planned platform shutdown on July 26 after operating for nine years. The exchange immediately stopped new registrations, deposits, and new trading activity. However, management said customers could continue withdrawing funds during the wind-down period.
The company plans to stop all trading services on August 26. BitMart then expects to close its remaining operations on January 31, 2027. Management cited operating conditions, market conditions, and future strategy when explaining the decision.
Withdrawal concerns surfaced after some customers reported pending requests and delays following the announcement. Separate reports also claimed some completed requests lacked visible blockchain transaction records. These complaints increased demands for transparent evidence showing available assets and customer liabilities.
The exchange previously faced another major financial challenge following its December 2021 security breach. Hackers removed roughly $196 million from compromised hot wallets during that incident. Management later said the company would compensate affected users using available company resources.
Users Request Repayment Plan and Employee Payments
The August 17 statement also seeks a detailed repayment schedule covering affected users. It asks BitMart to disclose remaining assets, total liabilities, and expected customer recovery amounts. The proposed plan would also identify repayment priorities, timelines, and the party supervising distributions.
Employees raised separate concerns about unpaid salaries and compensation connected with the shutdown. The statement claims some workers have not received payments owed from the previous month. Employees argue that management should settle these obligations independently from outstanding customer withdrawal claims.
The letter also requests scrutiny of accounts and affiliated entities that may have handled related funds. It asks management to explain fund ownership, origins, transfers, and possible connections with customer assets. The authors requested independent examination rather than treating unverified claims as established misconduct.
BitMart now faces an August 19 deadline to answer the demands with verifiable information. The group wants an independent audit and clear evidence supporting any repayment commitments. Without a complete response, the authors may approach regulators, law enforcement agencies, lawyers, and media organizations.
