BitMart Chief Product Officer Terence Lee has resigned, fueling speculation about the platform’s possible insolvency. The crypto exchange announced in mid-July it would cease operations by January 31, 2027, triggering an 80% collapse in its token price between July 24 and 26. Users faced significant withdrawal delays while co-founder Sheldon Xia denied any exit scam, proposing a transparent audit process with independent auditors. A lawyer and former BitMart creditor suggested the situation had become unmanageable.
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