BitMart Faces Backlash Over Frozen Funds and Staff Pay

Pressure is mounting on BitMart as its own Chinese language social media account issued a public ultimatum to founders Sheldon Lee and Yi Li. The post demands full disclosure of company wallets and a clear repayment plan by August 19. It highlights that many users still cannot access their funds and some employees remain unpaid, arguing that these issues require immediate answers rather than a simple shutdown notice.

The demands include a detailed breakdown of company liabilities and assets. The account also questioned whether management knowingly encouraged deposits even after withdrawal problems began. While the post stopped short of confirming criminal conduct, it requested a formal investigation into large batch withdrawals allegedly linked to leadership. It emphasized that staff members deserve their pay regardless of the company's financial status.

Founder Sheldon Lee has pushed back against these claims. He initially labeled the statements as fabricated rumors and mentioned plans to contact police and legal counsel. Lee later updated his stance, claiming that the company account had been hacked and that the accusations did not originate from current employees.

This dispute arrives just before BitMart plans to end its trading services on August 26, with a full shutdown slated for early 2027. Market observers remain skeptical of the exchange's transparency as users continue to report restricted access to their money. Traders should watch for any verified reports from the exchange regarding their current liquidity and whether they provide the requested audit data by the specified deadline.