BitMart Founder Claims Account Hack Amid Proof of Reserves Demands

Chaos erupted on the BitMart Chinese language X account this week. A post appeared demanding that founder Sheldon Xia and his partner Nancy Li provide full proof of reserves and pay outstanding staff wages by August 19. The letter questioned the exchange on withdrawal restrictions and asked for a detailed breakdown of all company assets and liabilities.

Sheldon Xia quickly responded to the claims, labeling the letter a set of fabricated rumors. He stated that the exchange account had been hacked and that the message did not come from any current employee. Xia threatened to involve police and legal counsel to track down those responsible for the post.

This incident comes as BitMart prepares to shut down operations entirely by early 2027. The exchange stopped new registrations in July and plans to end all trading on August 26. While the company claims it has not misappropriated any funds, users remain anxious as wallet balances on the platform continue to drop.

Market observers are watching the situation closely as the August 19 deadline approaches. With millions still sitting in wallets and official communication channels in dispute, the community is looking for clear evidence of liquidity. Traders should remain cautious as the platform moves toward its final closure date.