BitMart Exchange Faces Ultimatum Over Blocked Withdrawals and Unpaid Staff

BitMart, a cryptocurrency exchange facing an ultimatum from its users and staff, has denied claims of blocked withdrawals and unpaid salaries. The exchange announced that it would wind down entirely in August, but users say they have been locked out of their funds since July 26.

The demands for transparency and compensation were made public in a letter to BitMart's founder Sheldon Xia. The letter called on Xia and his business partner Yi Li to disclose the exchange's wallets, assets, liabilities, and usable reserves, as well as submit to an independent third-party audit and publish a detailed repayment plan.

Users have reported being unable to withdraw their funds since July 26, with one user claiming $10 million stuck on the platform. Employees also say they never received their July salaries or compensation tied to the shutdown decision.

Xia denied the claims as 'fabricated rumors' originating from a hacked account and said he would file a police report and pursue legal action against the source.