BitMart Faces Formal Inquiry Over Delayed Withdrawals Totaling $22 Million

Scandic Coin (SNC) has issued a formal inquiry to cryptocurrency exchange BitMart over extended delays in processing three outstanding withdrawals. The withdrawals, totaling 22,153.791201 USDT and 926,634.6 SNC, were initiated on July 26 and have remained pending for nearly eight days.

According to the documents provided by Scandic Coin, BitMart's own records show that the transactions are still in a 'processing' status with no completion date or TXID assigned. In contrast, a smaller SNC withdrawal of 4,332.39 was successfully completed on July 27.

The inquiry demands that BitMart either execute the transactions immediately, provide a full explanation for the delay, and confirm whether the assets are fully available to Scandic Coin's operating company.

Scandic Coin has stated that it is not seeking a blanket response from BitMart but rather a case-specific explanation for the delay in processing the withdrawals. The inquiry raises questions about BitMart's ability to fulfill legitimate withdrawal requests, particularly given its announced orderly and transparent cessation of business operations.