BitMart: Frozen Withdrawals, Missing Answers, Growing Victim Reports

1 Dec 2021 Confirmed

In December 2021 BitMart suffered a hot wallet breach losing approximately $196 million across Ethereum and Binance Smart Chain wallets. The founder committed company funds to make affected users whole at the time.

Wikipedia

26 Jul 2026 Confirmed

The exchange's BMX token fell sharply following the announcement, with reported declines of 58% and higher on the day.

CoinDesk

26 Jul 2026 Confirmed

New user registrations stopped. Cryptocurrency and fiat deposits were suspended. Futures accounts moved to Reduce-Only mode, spot stopped accepting new orders, and Copy Trading, Grid and API services were switched off in phases.

BitMart (official) · Finance Magnates

26 Jul 2026 Confirmed

BitMart published an official notice announcing an orderly cessation of its trading platform operations.

BitMart (official) · CoinDesk

1 Aug 2026 Confirmed

An insolvency claim relating to frozen withdrawals was reported in the press, raising questions about the exchange's financial position.

crypto.news · The Cryptonomist

8 Aug 2026 Confirmed

Founder Sheldon Xia publicly denied that the exchange had absconded with customer funds, stating that BitMart had "not run away" and "will not run away", and that the team was conducting asset inventory, asset consolidation and system maintenance. As of that statement, no reserve figures or repayment schedule had been released.

Protos · The Cryptonomist

26 Aug 2026 Confirmed

BitMart advised users to complete identity verification and close all positions before this deadline. Withdrawal requests were to be submitted before 26 August 2026, 05:00 UTC.

BitMart (official)

31 Jan 2027 Confirmed

BitMart stated that withdrawals would remain available until 31 January 2027, with requests subject to additional compliance and identity checks including KYC verification, login device and IP checks, withdrawal address screening, source-of-funds review, Travel Rule compliance and sanctions screening.

BitMart (official)

— Confirmed

BitMart attributed the decision to an evaluation of its operating conditions, market environment and future strategic direction. The notice made no reference to insolvency, a security breach, or enforcement action.

BitMart (official) · Finance Magnates

— Confirmed

BitMart reported that its global registered user base had surpassed 13 million users by the end of 2025.

— Reported by users

Tens of thousands of users say they have been affected by the withdrawal crisis, and affected users believe the actual number may be significantly higher.

— Reported by users

Affected users report that withdrawals remain stuck without a TXID, are rejected, or are cancelled, while account balances remain visible but, according to those users, cannot be withdrawn.

The Crypto Times · The Cryptonomist

— Reported by users

Affected users report that withdrawal problems began before the 26 July 2026 wind-down announcement.

— Reported by users

Members of the affected community report that they are not observing successful customer withdrawals, while withdrawal requests continue to be cancelled, rejected, or left pending.

— Reported by users

Despite the announced suspension, affected users report that new accounts can still be registered and new deposits can still be sent and credited.

— Reported by users

Outgoing blockchain transactions can be observed from wallets that affected users believe to be BitMart hot wallets. Movement of funds from a hot wallet does not by itself demonstrate that customers are receiving their funds — such transactions may represent internal wallet movements or transfers to other counterparties.

01

Screenshots of failed, cancelled, or pending withdrawal requests, with visible dates

02

Withdrawal error messages

03

Communications with BitMart Support concerning withdrawal problems

04

TXIDs, deposit and withdrawal history, and wallet addresses

05

The date you first became unable to withdraw

06

If applicable, evidence of a new account registration or credited deposit after 26 July 2026