BitMart founder Sheldon Xia denied misappropriating customer deposits or removing them before announcing the platform’s shutdown on July 26. Withdrawals have accelerated to over 200 ETH transactions per hour, with peaks approaching 400. BitMart’s holdings fell from approximately $102 million to $69-71 million. However, unpaid wages and undisclosed liabilities complicate the wind-down, leaving the final outcome for creditors uncertain.
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