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BitMart’s Chinese-language X account published an open letter demanding that founder Sheldon Xia disclose the exchange’s assets, liabilities, and wallet balances by August 19 amid continuing complaints about delayed withdrawals. The account claimed the letter represented BitMart employees and users.
Xia disputed the posts hours later, calling the material fabricated. He said he had preserved the content as evidence and planned to report the matter to police and send X a legal letter seeking technical and account data.
Open Letter Seeks Wallet, Liability, and Reserve Disclosures by August 19
The open letter calls for BitMart to disclose its wallets, total assets, liabilities, and reserves available for customer withdrawals. It also demands an explanation for withdrawal restrictions and independently verifiable evidence of the exchange’s financial position.
The writers also requested an investigation into accounts, affiliated companies, trusts and other arrangements potentially connected with customer assets. They separately demanded unpaid employee salaries and compensation.
The account set an August 19 deadline for a repayment plan covering remaining assets, total liabilities, estimated customer recovery rates, repayment order and timing, backed by an independent audit.
Xia Threatens Police Report and Legal Action Against X
Xia said all the disputed X content had been documented and described it as fabricated. He said further information would come through subsequent announcements while he sought technical and data evidence from X.
He also rejected preferential treatment for employees, saying employee assets do not rank ahead of customer assets and that no group has special privileges.
Xia had previously denied misappropriating customer funds and said BitMart’s core team was conducting an asset inventory, consolidating assets and maintaining its systems as part of the wind-down.
BitMart Trading Shutdown Remains Scheduled for August 26
BitMart announced its phased shutdown on July 26. New registrations and deposits began winding down that day, while all spot, futures, and other trading services are scheduled to stop on August 26. Platform operations are set to cease on January 31, 2027.
The exchange says withdrawals remain available, although requests can face additional compliance, security, and risk reviews that may extend processing times. Users and crypto projects have reported delayed withdrawal requests during the wind-down.
The August 19 deadline is the next date set by the disputed open letter. Xia has not accepted that deadline and has told users to wait for further official announcements.
