BitMart Under Scrutiny Over Proof-of-Reserves Report

BitMart is facing scrutiny after failing to publish a proof-of-reserves report and receiving withdrawal complaints from crypto projects OpenGradient and Scandic Coin. The exchange has denied misusing customer funds but has not disclosed verified reserves or liabilities, raising concerns about asset segregation and solvency.

The company announced that trading will cease on August 26 as it winds down operations, with industry experts calling for independent custody verification to protect customer assets.