BitMart customers are complaining that withdrawal requests are still pending weeks after the crypto exchange’s self-described “orderly wind-down” on July 26.
BitMart promised, “Withdrawal services will remain available.” Two weeks later, a customer who requested a withdrawal claims it still has his millions.
“WHERE IS OUR MONEY?” asked the customer. The appeal received over 150,000 views on Sunday. “$10.1 million on BitMart. Since July 26, I haven’t been able to withdraw single dollar.”
He also claims that his BitMart VIP manager, “Tony,” deleted his Telegram account on the day withdrawals stalled. He added, “Tens of thousands of people have been waiting for their funds since July 26.”
Smaller account holders have posted similar complaints on social media. Another customer said BitMart released just $5 of his roughly $24,000 withdrawal request on Saturday. He asked, “This is a joke, right?” and called the process “more like a letdown than a wind-down.”
Complaints extend well beyond individuals. Crypto project Gen6 said it filed a complaint with Hungarian police over some $80,000 in withdrawals requests “refused without explanation since Jul 26.”
Paxi Network demanded the exchange release its users’ and market makers’ funds, insisting, “These funds do not belong to BitMart.”
Scandic Coin reported three withdrawal requests submitted on July 26, including one for $21,898 worth of the USDT stablecoin, still allegedly unprocessed nearly eight days later.
Read more: Crypto exchange BitForex shuts down withdrawals and disappears
BitMart denies exit scam, asks for patience
On Saturday, BitMart founder Sheldon Xia broke two weeks of silence to deny that the exchange ran off with customer funds. He posted a four-point statement in Chinese, then posted an English version, “We have not disappeared, nor will we.”
Xia denied misappropriating assets or pulling funds out early.
Xia said the team is still tallying and consolidating what it holds, and floated the possibilty of “involving the courts and independent third-party auditors to provide a transparent report.”
The statement contained no figures, no timeline, and no proof of reserves. Curiously, the denial arrived on the final day BitMart gave US customers to get their crypto off the platform.
BitMart has an unfortunate history of deflecting withdrawal complaints. In May 2026, it blamed circulating claims that “BitMart cannot withdraw” on risk controls that intercepted “a malicious volume-farming group” running 239 linked accounts.
Two days before the wind-down announcement, BitMart fired its executive Nathan Chow, who said, “I was not involved in the decision announced today, not consulted on it, and not informed of it.”
On-chain data does BitMart no favors
Holdings by crypto wallets attributed to BitMart by Arkham Intelligence slid from about $102 million on July 6 to $69 million by July 27, while BMX, the exchange’s own token, crashed 81% in a week.
As of Sunday evening, Arkham’s tracker estimated the exchange held $59.3 million.
Unfortunately, BitMart’s largest tracked holding per Arkham is $22.5 million of a little-known token called Ten Best Coins, followed by $13.6 million of another obscure altcoin, WeFi.
In contrast, its tracked BTC totals a mere $300,000, alongside just $235,000 of ETH and $436,000 of USDC.
DefiLlama, which also monitors holdings of various entities, currently counts about $2.6 million worth of assets on the exchange — far below Arkham’s estimate.
BitMart survived another major crisis in December 2021 when hackers drained up to $196 million from its crypto wallets.
The exchange suspended withdrawals and pledged to compensate users from its own funds.
Nearly five years later, Xia is asking for patience and thanking users for their trust.
BitMart’s exchange token BMX has lost four-fifths of its value over the last month and currently trades more than 90% below its June 2024 all-time high.
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