BitMart said over the weekend that it is shutting down, according to a Techub News report citing on-chain monitoring from Nansen. The data showed that before the closure announcement was made public, the exchange’s Ethereum and stablecoin reserves had already been moved off the platform. What remains in reserve is now mainly made up of tokens with weaker liquidity. BitMart, founded in 2018, previously offered services including spot and futures trading. The on-chain activity highlighted by Nansen suggests that the platform’s main liquid assets were transferred out before the exchange formally announced it was closing.
BitMart announced over the weekend that it is shutting down, according to Techub News, which cited monitoring from Nansen.
On-chain data showed that before the announcement, the exchange’s Ethereum and stablecoin reserves had already been moved off the platform. Its remaining reserves are now mainly composed of less liquid tokens.
BitMart, founded in 2018, previously offered a range of crypto trading services including spot and futures. The on-chain data indicates that the platform’s main liquid assets had been transferred out before it formally announced the closure.
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