BitMart’s Chinese-language X account publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and provide a repayment plan by Wednesday. Xia responded by calling the allegations « fabricated rumors » and said he would file a police report and send a lawyer’s letter to X. The exchange announced on July 26 it would wind down after its BMX token crashed, with trading ending on Aug. 26 and operations ceasing on Jan. 31, 2025. Wallets attributed to BitMart by Arkham held approximately $36.5 million in crypto assets on Monday, down from $71 million on July 26 and $102 million on July 6, representing a 64% decline.
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