BitMart CEO Calls Accusations Fabricated as Users Report Frozen Withdrawals

BitMart chief executive Sheldon Lee dismissed accusations circulating on X as fabricated rumors on Monday, hours after a public campaign gave him until August 19 to explain where customer money went. BitMart announced an orderly wind-down of its trading platform in July.

Many users still report blocked withdrawals, and former employees say last month’s salaries remain unpaid. Why BitMart Users Want Proof of Reserves A Chinese-language account posting as BitMart 币市 published a five-point accountability demand on Monday.

It asks Lee and business partner Yi Li to disclose wallets, assets, liabilities, and usable reserves that a third party can verify. The account also questions who ordered the withdrawal limits.

Moreover, it asks when management first knew the platform could no longer process requests normally. Strain showed up on-chain almost immediately. Ethereum withdrawals surged to a 2026 high within days of the notice, while BMX crashed 46% as the announcement landed.