BitMart Exchange scammed all users

[doesntworkthatway]

Admins also deleted all their Telegram accounts in same moment about 10 days ago

[JeromeTash]

Sorry, no way you can withdraw your coins on the exchange except the exchange give you the privilege. Not your keys not your coins.

I have bad experience about the exchange in the past and that was the last time I used it. Luckily I also had bad experience on BitMex also which made me not to use the exchange again.

I suppose you meant BitMart? The 3 (bitmart, Bitmex, BitMax (ascendex) can be quite confusing, and they decided to stop service around the same time

Why don't you check if their P2P features is still available? Maybe you can withdraw the coins as fiat instead..

Who do you think would want to buy coins they can't withdraw unless they are really dumb or just set a ridiculously low buy price? Everyone is looking for a way of moving funds out of the exchange that has decided to shut down its operations, so there is definitely just an outflow of funds.

[Coyster]

This is a very bad sign and i hope they do not go down this way. They initially promised an orderly wind-down, but this is anything but orderly, this is a disaster if customers can't withdraw their funds just after a week they announced they would be shutting down.

I expected BitMart customers to face strict verification process, just like ftx customers did when the exchange were preparing to refund creditors. But i didn't expect things to take this turn, were everyone would be unable to withdraw their money, let's hope this would be cleared up eventually.

[Oshosondy]

Sorry, no way you can withdraw your coins on the exchange except the exchange give you the privilege. Not your keys not your coins.

I have bad experience about the exchange in the past and that was the last time I used it. Luckily I also had bad experience on BitMex also which made me not to use the exchange again.

I suppose you meant BitMart? The 3 (bitmart, Bitmex, BitMax (ascendex) can be quite confusing, and they decided to stop service around the same time

It is Bitmex, but it is not related to this topic is the reason you think I meant Bitmart, but I posted about both. I used both Bitmart and Bitmex exchange, the only one that I did not use use among them that closed down recently that have similar names is Bitmax.

You can read about the reason I did not use Bitmax anymore in the link that I posted along.

Sorry, no way you can withdraw your coins on the exchange except the exchange give you the privilege. Not your keys not your coins.

I have bad experience about the exchange in the past and that was the last time I used it. Luckily I also had bad experience on BitMex also which made me not to use the exchange again.


This for BitMart
To BitMart. Bad perpetual trading experience. I am leaving.

So I stopped using the exchange.

[Cookdata]

Admins also deleted all their Telegram accounts in same moment about 10 days ago

Which of the admin and which telegram channels are you talking about? I checked their Telegram and I found group and 1 channel.

The group - https://t.me/BitMartExchange
The channel- https://t.me/BitMartExchange_Channel

If you check the group, there is a message that is pinned on the group which is the last update of the withdrawal since July 25.



This is the admin handle- @SANWAL_BitMartAdmin, verify it from the group but don't contact anyone on telegram regarding withdrawals, there are plenty of scammers in that group. If you scroll through the group, you will see that everyone is frustrated, they are not getting their withdrawals.

The best you can do, reach out to their supports on the exchange, you are likely going to get scam and lose more if you want to go through social media.

[r_victory]

If withdrawals were blocked before the date indicated in the official statement, then there's nothing to be done, and no suggestion will be helpful. I can't prove anything, and I'm not defending them, but I don't believe that if the intention was to scam users, they would announce the closure of the exchange on X's official account; instead, they would have simply ceased all activities, deleted all social media accounts, and disappeared.

[Orpichukwu]

If withdrawals were blocked before the date indicated in the official statement, then there's nothing to be done, and no suggestion will be helpful. I can't prove anything, and I'm not defending them, but I don't believe that if the intention was to scam users, they would announce the closure of the exchange on X's official account; instead, they would have simply ceased all activities, deleted all social media accounts, and disappeared.

Well, we don’t have to conclude now; let’s give them the benefit of the doubt and hope all this delay is a result of too many withdrawal requests, and the unattended mail is also a result of the same thing. If they are making an announcement of closure, that doesn’t free them from carrying out an existing scam; they can announce that and selectively choose people whose withdrawals they can process and those whose withdrawals they won’t process, delaying it till the final date when they said they will exit the market, leaving many people’s funds to be trapped in their account, and there won’t be any further provision on how to claim it.

[sunsilk]

Sadly OP with all of the signs and activities they did, there's no way to withdraw it. That's already concluded of what they're doing, with their closure they don't want people getting off their funds anymore.

If by any chance they grant these pending withdrawals which have been delayed for so long, that's for goodness sake.

But with those actions, I guess that's the fate that needed to be accepted. They didn't just shutdown their operations but along with that, they've scammed their users with remaining funds.

Well, we don’t have to conclude now; let’s give them the benefit of the doubt and hope all this delay is a result of too many withdrawal requests,

With a bit of hope, 10 days for delay is too long and knowing they've already announced shutdown. Withdrawals should have been processed and prioritized by them or if there's a lot of queries or requests, they should have made expedite each of it.

[MArsland]

They've closed withdrawals, but spot and futures are still open. Does anyone have any ideas on how to withdraw funds? I've heard that many people previously bought a coin with low liquidity on one exchange and then sold it on another at the same time and withdrew at least part of their funds, basically manipulating the price. Or does anyone have other ideas?

Or perhaps the withdrawal process is being rolled out in stages for the sake of efficiency, I know it must be frustrating. According to the official announcement, users should still have time to withdraw their assets until August 26. You should stay calm and keep an eye out for updates, if BitMart intended to scam people, they wouldn't have issued a shutdown announcement in the first place.

[Coyster]

According to the official announcement, users should still have time to withdraw their assets until August 26.

No, what stops on August 26, 2026 is all trading activities on the exchange. Spots, futures or any other kind of trading would no longer be possible in BitMart after the said date. Nevertheless, the exchange would cease operations on January 31, 2027, so customers should be able to withdraw their funds up until then.

If withdrawals were blocked before the date indicated in the official statement, then there's nothing to be done, and no suggestion will be helpful.

Of course there are actions that can be taken, if this continues until the exchange shuts down completely, then their customers can file a class action against the exchange. BitMart initially told customers that there would be serious checks before withdrawals would be processed and i think it is crazy and just a way these exchanges try to steal from their customers. It makes no sense for a CEX that already has the personal data of their customers to begin renewed extended checks on their withdrawals, just because they are winding-down.

[hosemary]

No, what stops on August 26, 2026 is all trading activities on the exchange. Spots, futures or any other kind of trading would no longer be possible in BitMart after the said date. Nevertheless, the exchange would cease operations on January 31, 2027, so customers should be able to withdraw their funds up until then.

But in another announcement, they have recommended that users withdraw their funds before August 26.
This is so confusing. If people can withdraw their funds until January 31, what does this recommendation mean?

We strongly recommend that all users complete identity verification and close all trading positions before 01:00 (UTC) on August 26, 2026, and submit withdrawal requests before 05:00 (UTC) on August 26, 2026.

There's also an announcement saying U.S. users must withdraw all their funds before August 8, which is tomorrow.

If you are currently residing or located in the United States, or otherwise qualify as a U.S. user under the BitMart User Agreement and applicable policies, please complete the following actions no later than 8/8/2026 23:59 PM UTC, which is 15 calendar days from the date of this notice:
1. Close all open spot, margin, futures, options, lending, copy-trading, or other positions, as applicable;
2. Cancel all outstanding orders;
3. Redeem or withdraw assets from Earn, staking, lending, or other applicable products, subject to the applicable product terms;
4. Convert or withdraw assets that may not be supported by your destination wallet or receiving platform; and
5. Withdraw all remaining digital assets from your BitMart account to a wallet or platform that you control and that is legally available to you.

[Coyster]

This is so confusing. If people can their withdraw funds until January 31, what does this recommendation mean?

This is all so sketchy, and i strongly believe that this exchange is insolvent, that is, they do not have enough liquidity in their reserves to cover their liabilities. So, they are trying to make it impossible for so many people to withdraw the numbers they can see in their account.

Nobody knew FTX was bankrupt, until we all found out one day, so i would not be surprised if BitMart are. Remember they were hacked some years ago and lost just shy of $200m, after which they promised to reimburse customers all they lost, but yet so many customers received nothing back from BitMart.

[KiaKia]

They've closed withdrawals, but spot and futures are still open. Does anyone have any ideas on how to withdraw funds? I've heard that many people previously bought a coin with low liquidity on one exchange and then sold it on another at the same time and withdrew at least part of their funds, basically manipulating the price. Or does anyone have other ideas?

How come you just posted this on august 6th? You don't hear the rumour that Bitmart is closing down? Like it's been 2 weeks ago that the rumour is on the internet, in your case it seems like you left the coins on the exchange thinking that nothing will happen.

It's clearly your fault, don't leave your digital assets on any centralised exchanges, they can close down or freeze funds at any time, once you are done trading or buying coins move them out into your private wallet.

I'm sorry for your loss unless you know someone who works at Bitmart they can help you, if not you are on a sorry case friend, you can't get your coins out anymore.

[acroman08]

No, what stops on August 26, 2026 is all trading activities on the exchange. Spots, futures or any other kind of trading would no longer be possible in BitMart after the said date. Nevertheless, the exchange would cease operations on January 31, 2027, so customers should be able to withdraw their funds up until then.

But in another announcement, they have recommended that users withdraw their funds before August 26.
This is so confusing. If people can withdraw their funds until January 31, what does this recommendation mean?

They also said that people who weren't able to withdraw within the recommended timeframe will have their request transferred to a dedicated processing procedure(quote below). So, I am guessing the usual withdrawal process on their website will stop after August 26 and will be replaced with another withdrawal procedure.

IV. Processing After the Recommended Timeframe
For users who do not complete withdrawals within the recommended timeframe, the related requests will be transferred to a dedicated processing procedure. Specific arrangements and any required documentation will be communicated separately through official announcements or direct notifications.

Accounts frozen due to disputes or sanctions-related matters will continue to have access to the applicable appeals process.

[RGBTC]

You might want to read this article https://x.com/bithunt_io/status/2085867500814909892
A bit of harsh reality:

1. CIMA: BitMart was NEVER regulated in the Cayman Islands

The Cayman Islands Monetary Authority officially confirmed that BitMart, GBM Global Inc., Bachi Tech Ltd., and related entities have never been registered, licensed, or regulated in the Cayman Islands. Yet BitMart listed the Cayman Islands as its legal address and in its user agreement.

2. Founder Sheldon Xia remains silent

Founder Sheldon Xia has still not commented on the exchange's closure. Internal sources reveal shocking details:

· In April 2025, BitMart stopped hedging orders — it began working directly against users. If a client won, their funds were frozen, and withdrawals were banned for at least three months.
· In May 2025, mass layoffs of entire departments began — without warning or compensation.
· When an employee asked about the company's reserves, Xia personally banned the publication of Proof of Reserves.

Global CEO Nenter Chow was fired on July 24 — two days before the public shutdown announcement. He was not involved in the decision to close.

The root of the problem lies with the founders themselves; I’m convinced the outcome won't be much different from the FTX case. It’s a case worth following. If you plan to join the class-action lawsuit, the coordinator's contact details are in the article. Take care of yourself.

[Coyster]

The root of the problem lies with the founders themselves; I’m convinced the outcome won't be much different from the FTX case. It’s a case worth following. If you plan to join the class-action lawsuit, the coordinator's contact details are in the article. Take care of yourself.

I am not surprised with the details of this article, like i said in my last post in this topic, i believe BitMart is insolvent, and that is why they are shutting down. They cited market and operating conditions as part of the reasons they are leaving the market, but i think all of that is just buzzwords mushed together to create a fancy statement, so as not to raise any suspicion.

It would be a miracle if things end up well for their creditors, but one doesn't need to be a genius to know that most people would be denied their money, and it could culminate in a long legal process.

[$crypto$]

Bitmart founder speaks --- https://x.com/sheldonbitmart/status/2086059203576377616

He said he did not disappear and denied any rumors, will continue to consider the court and third-party auditors for reports, his case is getting complicated and his like will not be completed in the near future.

Other news, employees and staff until now have not been paid, this is an indication that the exchange is looking for an excuse to buy time. https://x.com/WuBlockchain/status/2086075542898655379

[RGBTC]

^
Haha, after disappearing for a while, it is quite likely that the BitMart leadership eventually came under scrutiny by the authorities due to the volume of complaints. Ultimately, this makes it harder for customers to claim their remaining balances. If their liquidity were healthy, operations should have continued as usual without any court involvement.