BitMart Says Its Account Was Taken Over as Funds Questions Grow
BitMart founder Sheldon Lee says its Chinese-language X account was compromised, but his public responses leave unanswered questions about individual withdrawal requests during the exchange’s wind-down.
A disputed post called for an independent audit
A post from BitMart’s Chinese-language X account called on Sheldon Lee and Yi Li to open the exchange’s finances to outside scrutiny.
The post alleged that some customers could not access funds and that employees had not received July salaries or compensation owed to them. It called for an independent examination of BitMart’s wallets, assets, liabilities and available reserves.
It also set an August 19 deadline for a response.
Those claims require caution. BitMart now says the account was compromised, the identity of the person behind the post has not been established, and the allegations have not been independently verified.
Lee says the account was compromised
Lee said on his personal X account that BitMart had collected evidence showing the post’s contents were fabricated. He said the company would file a police report and ask X for technical and data analysis related to the account.
In a separate response, Lee said customer claims should take priority over employee claims.
已对X内容全部取证，全是造谣，美国时间白天会进行报警以及向X发律师函，要求技术和数据取证。其他请耐心等待公告。员工资产并不优先于客户资产，大家都是客户，没有特权。
— Sheldon (@sheldonbitmart) August 17, 2026
Neither post disclosed BitMart’s current wallet balances, liabilities or liquidity. They also did not provide a timetable for individual withdrawal requests that may be undergoing review.
BitMart’s wind-down sets an August withdrawal target
In its July 26 wind-down notice, BitMart said it would gradually stop new registrations, deposits and new trading activity. Futures accounts entered reduce-only mode, while copy trading, grid trading, API trading and other automated services began to be discontinued.
BitMart says all spot, futures and other trading services will end at 01:00 UTC on August 26. It advises users to close positions before that time and submit withdrawal requests before 05:00 UTC the same day.
The company plans to cease platform operations at 15:59 UTC on January 31, 2027. It says users will then have a specified further period to log in, review account records and submit withdrawal requests under the procedures then in place.
As we reported when BitMart announced the wind-down, the August deadline is the practical date that matters most to active users.
The account dispute does not resolve withdrawal reviews
BitMart’s claim that its Chinese-language account was compromised challenges the source of the allegations. It does not by itself establish the status of any individual withdrawal request.
The official wind-down notice says requests may undergo identity, device, IP-address, withdrawal-address, source-of-funds and other compliance reviews. Processing times can vary by asset, blockchain conditions, verification status and the volume of requests.
BitMart also states that submitting a withdrawal request does not mean the review is complete or that assets have been sent on-chain.
Lee’s responses address the claim that the account was compromised, but they do not give users a public timetable for pending withdrawal reviews.
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
