BitMart Employees Accuse Founders of Asset Mismanagement

BitMart, a cryptocurrency exchange that recently shut down its services, is facing allegations of asset mismanagement. A group claiming to be employees took control of the Chinese X account and accused founder Sheldon Xia and partner Yi Li of failing to explain frozen user funds and unpaid salaries.

The alleged employees demanded five key questions be answered by August 19: where exactly did BitMart users' money go, why can't a huge number of users still withdraw normally, all funds related to BitMart user assets must be thoroughly investigated, employee pay should be addressed, and a repayment plan put forward.

Sheldon Xia rejected the claims, stating that the posts were based on fabricated rumors. He said the company had collected evidence and planned to file a police report and send a lawyer's letter to X for technical and data checks.