A group identifying itself as BitMart users and employees posted an open letter on X addressed to founders Sheldon Lee and Yi Li, demanding proof of reserves, an explanation for withdrawal restrictions, and a repayment plan by Aug. 19. The letter lands three weeks after BitMart said it would wind down its trading platform after nine years, and it argues the shutdown notice alone does not account for funds customers say they cannot reach.
The Letter’s Demands Cover Reserves, Repayment, and a Timeline
The letter calls on BitMart to publish verifiable figures on its wallets, total assets, liabilities, and the reserves available to cover customer withdrawals. It also asks the exchange to submit those numbers to independent third-party review rather than rely on its own statements. Separately, the group says some staff have gone unpaid for the prior month.
The letter also pushes for a timeline. It asks BitMart to disclose when management first learned withdrawals were restricted, who made that call, and whether the exchange kept encouraging deposits and trading after becoming aware of the problem.
BitMart announced on July 26 that it would halt new registrations, deposits, and trading while letting customers withdraw funds during the wind-down, one of several exchange closures reported this year. The exchange said trading would end entirely on Aug. 26, with the company closing on Jan. 31, 2027, and it pointed to its operating conditions and market environment rather than any single triggering event.
What This Means for BitMart Customers
For anyone still holding funds on BitMart, the letter raises a question that has followed other exchange wind-downs: a shutdown notice is not proof the money is there. A full proof-of-reserves report only confirms on-chain wallet balances against customer accounts at a single point in time.
It does not reveal off-chain debts or borrowed assets, which is why the letter’s push for a repayment plan and outside audit matters more than the shutdown timeline alone. Anyone with a balance on an exchange facing a wind-down should withdraw and document their balance early rather than wait on a guarantee.
The Aug. 19 Deadline BitMart Now Faces
BitMart has not publicly responded to the open letter as of this writing. That silence puts the Aug. 19 deadline squarely in focus: it’s the next real test of whether the exchange will release reserve figures or a repayment schedule before its Aug. 26 trading cutoff arrives.
BitMart has addressed withdrawal complaints before. In June, it attributed the issues to risk controls aimed at what it called an organized scheme exploiting platform subsidies, and its July guidance warned that withdrawals could face added checks on identity, device, IP address, and source of funds. Whether that explanation still holds now depends on what BitMart discloses next.
What this means for you: If you ever hold funds on an exchange that announces a shutdown, it’s worth withdrawing and confirming your balance early rather than waiting on the company’s own timeline.
This article is for informational purposes only and does not constitute financial advice. Do your own research before making any investment decisions.
