BitMart account demands founder explain funds status, Xia calls claims ‘fabricated’
BitMart’s official Chinese-language X account publicly demanded that founder Sheldon Xia explain where user funds are and submit a repayment plan by Wednesday. The post said some users still could not withdraw funds and some employees had not received final pay or compensation, and it called for disclosure of wallets, assets, liabilities, and reserves. It warned that if no verifiable asset disclosure and plan were provided, evidence would be sent to regulators, law enforcement, lawyers, and media. Xia denied the claims, calling them fabricated rumors, and said the company would file a police report and legal notice. He also said customer assets were not being subordinated to employee claims. The dispute comes after BitMart said on July 26 it would wind down its exchange, with trading ending Aug. 26 and operations ceasing Jan. 31, amid withdrawal delays and a falling BMX token. Wallets attributed to BitMart fell to about $36.5 million from $71 million on July 26 and $102 million on July 6.
