Cryptocurrency exchange BitMart announced an “orderly cessation of operations” on July 26 without prior warning. Since then, questions have mounted over the platform’s assets, withdrawal progress and the whereabouts of its management team.
Founder Sheldon Xia did not respond publicly for an extended period after the shutdown notice. On the evening of Aug. 8, he broke that silence, writing: “We have not run away, and we will not run away.” He said BitMart’s core team is still working on asset inventory checks, asset consolidation and system maintenance.
Xia stayed silent for about 13 days after the July 26 notice
Counting from BitMart’s July 26 closure announcement, Xia had remained silent for about 13 days. Looking further back at his social media activity, his previous public post dated back to July 7, leaving a gap of about 32 days without a public statement.
As criticism and speculation continued to build after BitMart said it would stop operating, Xia published a post on Aug. 8 and laid out four points in response. He addressed the issue that drew the most attention first, saying, “We have not run away, and we will not run away.”
He also urged the market not to believe a large volume of recent rumors, including claims and screenshots circulated by people identifying themselves as former or current BitMart employees.
Core team says it is still reviewing assets and maintaining systems
Xia said the core team is still handling “asset inventory, asset consolidation and system maintenance,” with the stated aim of completing an orderly wind-down. He asked users to wait for follow-up announcements and notifications.
He also rejected allegations that BitMart had misappropriated customer assets or that certain individuals had withdrawn early or made an early exit ahead of others. Xia said the company has considered bringing in the courts and third-party audit institutions and would provide a transparent report in the future.
BitMart had laid out a multi-stage shutdown timeline on July 26
In its July 26 announcement, BitMart said that after evaluating its operating conditions, market environment and future development direction, it had decided to “orderly stop operating” its trading platform.
Starting at 9:30 a.m. that day, the exchange said it would gradually halt new user registration, digital asset deposits and fiat deposits, while also restricting the opening of futures positions and new spot orders.
Under the original schedule, BitMart said it would stop spot, futures and other trading services on Aug. 26, and expected to formally end exchange operations on Jan. 31, 2027.
The company had also said withdrawal services would remain available, though some withdrawals could take longer because of identity verification, on-chain risk, source-of-funds checks or compliance review.
Withdrawal complaints and management silence fueled community concern
Community unease was driven not only by the exchange’s abrupt exit. After BitMart announced it would stop operations, Xia did not immediately provide a public explanation. At the same time, users began reporting long waits for withdrawals, while claims from former employees also started to circulate.
According to ABMedia, that combination pushed market speculation higher, with public attention focused on withdrawal delays, platform assets and the lack of a timely explanation from management.