Bitmart

[aksu]

Bitmart is winding down its operations. People have complained that withdrawing funds is difficult and transfers have been frozen. I no longer have my virtual card number on the page, and I can't use my funds on the card. My funds are in several different currencies and the transfer fees are now set between 5-11$ in all networks. How should one act in this situation, and should one suffer a loss and order all currencies with these transfer fees, or will the situation change?

[Charles-Tim]

Similar discussion recently on scam accusation board, it will be good if you read what people have posted on the thread instead for many people to be repeating what they have posted before.

This is the thread: BitMart Exchange scammed all users

It is a centralized exchange, there is nothing that can be done unless the exchange gave you your coins by enabling withdrawal.

[AB de Royse777]

The name sounds familiar to me. Sad that another scam happened.

[Iranus]

My funds are in several different currencies and the transfer fees are now set between 5-11$ in all networks. How should one act in this situation, and should one suffer a loss and order all currencies with these transfer fees, or will the situation change?

If you wait any longer to see if fees will go down, you will be in trouble.

BitMart has already officially announced that they will stop trading from next 26th. There is a possibility that this platform operations will completely cease next year.

They have said that withdrawals will continue, but I could see that due to high withdrawal volume & manual review, many users got stuck. This is a similar problem with Bittrex exchange if I recall correctly. They turned off all withdrawal chain, kept ERC20 open, and would have deducted a fee of $50 for each withdrawal.

So, try withdrawing asap they open the withdrawal page. Yeah $5-11 fee is certainly annoying, but if the amount is meaningful, it is more reasonable to view that fee as a cost of reducing custody risk than as a loss.

[PostQuantumBTC]

BitMart has already officially announced that they will stop trading from next 26th. There is a possibility that this platform operations will completely cease next year.

Yes August 26th is when trading roll stop according to Bitmart announcement while the exchange will finally cease operations on January 31, 2027 at 15:59 UTC.

That means people should still be able to convert or trade and move their coins.

What about people that have little amount of money like $10 but unable to move it because the fee required is $15? This is just a scam.

I can see people sending bitcoin on exchanges now with just $1.5.

[aksu]

Has anyone tried transferring funds to their prepaid card? Would one work?

[logfiles]

Has anyone tried transferring funds to their prepaid card? Would one work?

You are not the only one in that position. Lots of other users also complained about the same thing. In fact this thread you opened is just one of the many regarding the recent Bitmart incident.
By charging those very high fees, it's very likely the ran out funds and can not process all the customer withdrawals
As things stand, your dream of getting back your funds is now just at their mercy.

[noorman0]

-snip-
I no longer have my virtual card number on the page, and I can't use my funds on the card. My funds are in several different currencies and the transfer fees are now set between 5-11$ in all networks. How should one act in this situation, and should one suffer a loss and order all currencies with these transfer fees, or will the situation change?

Do you mean you opened a BitMart virtual card account?
They lack the liquidity to cover user withdrawals, so I doubt they’ll lower their fees or revert to previous fee structure they used to have. If you have more than $100, sacrificing up to $15 is still worth it, better that than missing the chance to request a withdrawal before the withdrawal schedule closes.

[avp2306]

Has anyone tried transferring funds to their prepaid card? Would one work?

I think after hat announcement they made they stop their prepaid card and deal only with withdrawals thru crypto in their exchange.

Also maybe try to follow their guide here https://www.bitmart.com/en-US/support/articles/7922665245339/39162120325403/53544595916059 to know what next possible action to do in your case.

But if you have further question maybe tried to contact their support, since as what I know their team still active and maybe you could get more good assistance from them.

[aksu]

When transfer fees are raised that high, they must be robbed. They will pay new payment requests from the accumulated transfer fees as long as there is money left.

[MarryWithBTC]

When transfer fees are raised that high, they must be robbed. They will pay new payment requests from the accumulated transfer fees as long as there is money left.

Seems you have understood what is happening... it is also to discourage people from sending withdrawal request, just as you have been discouraged.

I feel that after the rush, things might come down the normal way. But it is just risky to wait. This the same pattern every exchange that pre-announces its closure uses. Once deposit is stopped, there'll be more pressure at the withdrawal tunnel.

This somehow makes the service to continue receiving deposits from uninformed users.

[OmegaStarScream]

Just send the request if you have not already. I'm not sure what amount we're talking about here, but save what you can.

If the allegations (and the amounts mentioned) I'm seeing here[1] are true, I'm afraid you may not even be able to withdraw, even after making that request.

[1] https://x.com/bitmart_scam

[Z-tight]

If the allegations (and the amounts mentioned) I'm seeing here[1] are true, I'm afraid you may not even be able to withdraw, even after making that request.

The allegations are true, nobody is able to withdraw their money and the exchange isn't doing anything about that, yet. Maybe that's because there is really nothing they can do, as they are broke and do not have the funds to even process withdrawals.

Has anyone tried transferring funds to their prepaid card? Would one work?

Sadly, it wouldn't work. Apparently, they have also disabled their card. NotATeter tried withdrawing through their card, and this is how it went:

I have about $45 in ETH in there for their card. I just submitted a withdraw request.

Let's see if I can get it out.

Edit: They seem have to disabled the cards too, so I can't spend it on anything.

[salad daging]

-snip-
I no longer have my virtual card number on the page, and I can't use my funds on the card. My funds are in several different currencies and the transfer fees are now set between 5-11$ in all networks. How should one act in this situation, and should one suffer a loss and order all currencies with these transfer fees, or will the situation change?

Do you mean you opened a BitMart virtual card account?
They lack the liquidity to cover user withdrawals, so I doubt they’ll lower their fees or revert to previous fee structure they used to have. If you have more than $100, sacrificing up to $15 is still worth it, better that than missing the chance to request a withdrawal before the withdrawal schedule closes.

Lack of likudity? Where does the customer's money go? Can this be called embezzlement of funds by a group of their internal? I also initially didn't understand why the drawdown was so high after this announcement such that there was something behind it.
Yep, I think orbiting $15 is still a problem, even though the high withdrawal fee is still rejected, he said, waiting until his time arrives is definitely annoying.

[Z-tight]

Lack of likudity? Where does the customer's money go? Can this be called embezzlement of funds by a group of their internal?

That's because centralized exchanges operate a fractional reserve system, they do not store 100% of customers' deposits. They invest most of these deposits in other investments, in order to make more money.

Do you remember ftx? How they used customer funds for risky investments and to cover losses from Alameda Research. That's what centralized exchanges do with customers' funds, and that's how they can lose it, other than getting hacked of course.

[sunsilk]

When transfer fees are raised that high, they must be robbed. They will pay new payment requests from the accumulated transfer fees as long as there is money left.

If that gives an option to the remaining funds there, I guess those with larger funds won't bother to pay those raised fees.

For as long as they're able to withdraw them right away, it won't hurt them anymore by just blindly paying it and they get their funds back.

It leaves the choice for those users with stuck balance there, they either pay them high or let them take the remaining funds which of it is worth it depends on the user.

With them having maybe thousands of users and with that fee, I guess it would be enough to cover some users withdrawals. It's just too bad that they have to rely on that and lowkey admitting they've got few to no funds left for the actual deposit of these people.

[Renampun]

Lack of likudity? Where does the customer's money go? Can this be called embezzlement of funds by a group of their internal? I also initially didn't understand why the drawdown was so high after this announcement such that there was something behind it.
Yep, I think orbiting $15 is still a problem, even though the high withdrawal fee is still rejected, he said, waiting until his time arrives is definitely annoying.

It is very likely that most of the assets have been unilaterally transferred by their founder and his family and close associates.. because from what I read here BitMart Accused of Running Away and Blocking Withdrawals? “Debt Recovery Alliance” Formed: Users Dem that this exchange was wrong from the start and looks more like a ponzi scheme than calling it an exchange.. so the worst possibility is that Bitmart no longer has the ability to pay more with so many withdrawal requests to them with their current dire situation.

also according to that article, BitMart's executives are planning to move to WooxPro and repeat the same alleged fundraising and exit strategy.. so anyone using that exchange needs to be careful.

[RGBTC]

Has anyone tried transferring funds to their prepaid card? Would one work?

You can check various platforms such as their Telegram groups, Reddit, and X; and you will see that there hasn't been a single successful withdrawal recently. They are currently considering involving the courts and other firms for further action, though they haven't reached the execution stage yet lol. It would be a good idea to submit a withdrawal request immediately; I believe that would ensure your claim is officially recorded as a company liability that must be processed if they do indeed involve the authorities.

https://x.com/i/status/2086059203576377616