BitMart Founder Faces Deadline to Explain User Funds and Repayment Plan

BitMart's official Chinese-language X account has called on founder Sheldon Xia to explain where user funds are, provide a verifiable disclosure of assets, and outline a repayment plan by Wednesday.

The demand comes as the exchange continues its wind-down process amid reported withdrawal delays and the collapse in BMX token value. Some users remain unable to withdraw their funds, while others have not received their final salary or compensation, according to the account's post.

Sheldon Xia rejected the claims, saying they are 'fabricated rumors,' and stated that he will pursue police and legal action. The X account warned that if Xia does not meet the deadline, it would escalate the matter to regulators, law enforcement, lawyers, and the media.