BitMart, a cryptocurrency exchange undergoing liquidation, faces an August 19 deadline as its linked wallet holdings dropped from approximately $71 million to $35.6 million. Users report restrictions on their withdrawals while former employees are claiming unpaid salaries. The platform’s Chinese X account has called for an independent third party to verify all users’ wallets, assets, liabilities, and reserves. Founder Sheldon Xia denied misusing customer funds, accusing hackers of accessing his account to send false information. Without a complete proof of reserves, it is impossible to determine whether BitMart holds sufficient assets to meet customer and employee claims.
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