BitMart Founder Faces Pressure Amid Allegations of Mismanaged Funds
BitMart's founder Sheldon Xia is facing pressure from his own company after employees were unable to withdraw funds. The firm's official Chinese-language X account demanded that Xia explain the whereabouts of user funds and provide a repayment plan by a certain deadline, warning that if he fails to do so, they will continue to submit evidence to regulators, law enforcement, lawyers, and the media.
Xia responded to these allegations, calling them 'fabricated rumors' and promising a counter-attack. He stated that his company has collected full evidence of the content on X, all of which is fabricated, and plans to file a police report and send a lawyer's letter to X, demanding technical and data forensics.
In other news, Binance bStocks have surpassed xStocks as the second-largest tokenized stock issuer by value. According to Token Terminal data, BStocks reached about $624 million on August 3, surpassing xStocks at roughly $579 million but trailing Ondo Finance at about $927 million.