BitMart Founder Denies Exit Scam Amid Withdrawal Delay Chaos

BitMart customers are facing a prolonged withdrawal delay, with some having their requests pending for weeks after the exchange's self-described 'orderly wind-down' on July 26.

The exchange had promised that 'withdrawal services will remain available,' but many users have reported being unable to access their funds. One customer claimed he had over $10 million stuck on the platform, while another said only $5 of his roughly $24,000 withdrawal request was released on Saturday.

Gen6 and Paxi Network have filed complaints with law enforcement over refused withdrawals totaling tens of thousands of dollars. Scandic Coin reported three unprocessed requests submitted on July 26, including one worth $21,898 in USDT stablecoin.

BitMart founder Sheldon Xia broke two weeks of silence to deny allegations of an exit scam, stating the team is still 'tallying and consolidating' what it holds. He floated the possibility of involving courts and independent auditors for a transparent report, but provided no figures or timeline.