Bitmart exchange has announced its closure, cessation of it's operation

[SatsPH]

So following, Arthur Hayes-founded crypto exchange BitMEX is closing down. This time, it's BitMart that are going to sunset.

https://x.com/BitMartExchange/status/2081197305491845201

But from what I read on the tweets, almost everyone is complaining of the high fees withdrawing from them. And for those who have funds in this exchange, better moved out your assets.

[FinneysTrueVision]

They suffered a $200 million hack some years ago from which they never fully recovered. Similar to BitMEX, they also struggled to keep up with their competitors. BitMart was good for selling lesser known shitcoins that you’d get from airdrops and bounties, but interest in altcoins has really faded in recent years.

The bear market can be especially difficult for revenue of these companies and projects that were already on a downward trajectory, that’s why we are seeing so many exchanges, wallets, and L2s shutting down recently. You also have miners moving towards AI.

[cryptoaddictchie]

They suffered a $200 million hack some years ago from which they never fully recovered.

I bet this is the prime reason of their closure. I remembered they got compromised before as I am active on alts web3 and seeing them without much revenue these recent years I think theres a huge chance they will shutdown.

Compared to shitcoin market like mexc which is prime choice for degen as trading platform bitmart doesnt have the same level of traction and considering this bear situation theres not much really a choice but to do this.

[tvplus006]

...The bear market can be especially difficult for revenue of these companies and projects that were already on a downward trajectory, that’s why we are seeing so many exchanges, wallets, and L2s shutting down recently. ..

According to the rating of Coinmarketcap, the Bitmart exchange has quite such high trading volumes, which exceed the volumes on such exchanges as OKX, Bybit, Upbit and others. And as know, the higher the trade turnover, unless it was fake, the more profit the exchange receives as a commission. Therefore, the reason for the closure of the Bitmart exchange is not entirely clear.

[LogitechMouse]

They suffered a $200 million hack some years ago from which they never fully recovered. Similar to BitMEX, they also struggled to keep up with their competitors. BitMart was good for selling lesser known shitcoins that you’d get from airdrops and bounties, but interest in altcoins has really faded in recent years.

The bear market can be especially difficult for revenue of these companies and projects that were already on a downward trajectory, that’s why we are seeing so many exchanges, wallets, and L2s shutting down recently. You also have miners moving towards AI.

This could be the primary reason, but there could be some other reasons as to the shut down after a long time.

Regulations for me could also be one reasons for them shutting down. The rising compliance as well could be another reason especially with the MiCa. That alone increased the compliance by a significant amount, and that could be very expensive especially for mid-tier exchanges like Bitmart, and I guess we can include Bitmex in the mix as well. I don't know, but if this is the primary reason, more mid-tier exchanges will shut down in the upcoming months. Of course, let's also add the fact that we are in a bear market and that could have an effect towards these exchanges.

It looks like the crypto space is shifting towards something that we haven't seen before. AI, DeFi hacks becoming a norm, and the good thing is that, there is no huge centralized exchange hack that happened so far this year... or correct me on this one if I'm wrong. The most recent huge exchange hack that comes to my mind is on Bybit, but that was last year I think.