BitMart Halts Shutdown Amid Public Pressure and Leadership Turmoil
BitMart's abrupt decision to shut down has been put on hold after its founder Sheldon Xia faced intense public pressure and internal clashes. In a recent development, BitMart's official Chinese account demanded that Xia present a reimbursement plan by August 19 or face regulatory complaints. However, Xia dismissed the accusations.
The exchange had announced its wind-down, leading to withdrawal bottlenecks and an 81.5% collapse in BMX prices. Users reported delayed and frozen withdrawals, with only 58 wallets managing to withdraw around $805,000 over more than 24 hours. This comes as a setback for the embattled platform, which was once among the top cryptocurrency exchanges.
Interestingly, amidst this turmoil, BitMart hosted an airdrop of the SPACE token from the Decentralized Physical Infrastructure (DePIN) ecosystem. The event allowed investors to participate and gain exposure to the new asset on the exchange.