BitMart, a cryptocurrency exchange registered in the Cayman Islands, announced its wind-down on July 26 and plans to fully cease operations by January 31, 2027. Founder Sheldon Xia intends to report former employees to police over disputed unpaid wages, an unusual escalation in a corporate shutdown process. A Hungarian firm has filed a police complaint regarding approximately $80,000 in frozen assets. Over 300 users per hour are still submitting withdrawal requests, creating significant pressure on the platform. BitMart’s history includes a major security breach in 2021 that resulted in the loss of $150 million to $196 million from its hot wallets.
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