BitMart's CPO Resigns Amid Insolvency Speculation
BitMart's woes continue as its Chief Product Officer (CPO), Terence Lee, has resigned amidst speculation that the cryptocurrency exchange may be insolvent.
In a statement posted online, Lee claimed he wasn't responsible for BitMart's core business and had no authority over platform assets or user funds. He also stated that he wouldn't comment on any legal proceedings and called his resignation 'my sole public clarification on this matter.'
Crypto streamer Travladd weighed in on the situation, saying Lee's departure 'screams insolvency' and claimed he was resigning 'before shit hits the fan.'
The BitMart situation has indeed gotten out of hand, according to Cao, a lawyer who previously served BitMart demand papers. They stated that not being in control of assets doesn't exempt a co-founder from responsibility.