BitMart Founder Denies Exit Scam Allegations Amid Asset Liquidation Phase

The founder of the cryptocurrency exchange BitMart, known as Sheldon, has issued a public statement to address growing concerns regarding the platform's recent shutdown and the resulting suspension of user withdrawals. Following a wave of social media speculation, the leadership has formally denied allegations of an exit scam or the misappropriation of client funds. The exchange is reportedly entering a phase of orderly liquidation and system maintenance, seeking to reassure the community that efforts are being made to resolve the current deadlock through transparent financial auditing.

Asset Inventory and System Maintenance

Responding to reports that a significant number of users have been unable to access their holdings since the platform went offline, Sheldon utilized the X platform to clarify the current operational status of the team. He emphasized that the core development and management teams remain active and are currently focused on a comprehensive asset inventory process. This procedure is intended to consolidate remaining liquidity across various blockchain networks and ensure that the accounting of user balances is accurate before any further steps are taken.

• The team is conducting a full reconciliation of digital assets held in cold and hot wallets.
• Rumors involving leaked screenshots or testimonies from alleged former employees are dismissed as unfounded by the founder.
• System maintenance is ongoing to ensure the security of the infrastructure during the winding-down process.

Commitment to Legal and Audit Transparency

In an effort to distance the project from recent high-profile failures in the centralized exchange (CEX) sector, the BitMart leadership has proposed the involvement of external oversight. Sheldon stated that the platform is considering the intervention of court-appointed supervisors and independent third-party audit institutions to verify their financial standing. This move is aimed at providing a transparent report to the public, detailing the exact status of the reserves and the feasibility of the liquidation plan.

We have not misappropriated assets, nor have we engaged in any pre-emptive runs or evacuations. We are considering the intervention of court and third-party audit institutions to provide a transparent report.

The current roadmap for the exchange focuses on a transition toward a structured closure rather than a sudden cessation of activities. The mention of third-party audits is often a standard procedure in corporate liquidations to prevent legal liabilities and ensure equitable distribution of remaining capital.

Users and stakeholders have been advised to avoid unofficial communication channels and await formal announcements regarding the timeline for the liquidation process. As of August 8, 2026, the platform remains in a state of restricted access while the inventory is finalized. The founder’s statement serves as a formal rebuttal to claims of "absconding", though the specific timeframe for the restoration of withdrawal functionality remains to be determined by the results of the upcoming audit reports.