BitMart audit calls amid blocked withdrawals and unpaid salaries

BitMart audit calls amid blocked withdrawals and unpaid salaries emerged after founder Sheldon Lee dismissed demands for an audit while many customers reported blocked withdrawals and employees said they had not been paid July salaries. A post on X claimed the account had been hacked and gave Lee and Yi Li until Aug. 19 to open the books for independent verification. BitMart said it was winding down operations and that Aug. 26 would be the final trading day.

Sheldon Lee’s responses to audit calls and employee payments

Sheldon Lee dismissed demands for an audit and for explanations about why some customers could not withdraw funds and why some employees had not received their July salaries. Many users continued to report blocked withdrawals and unpaid staff, and Lee characterized claims made on a Chinese-language X account as fabricated rumors. He said that he would file a police report and send a lawyer’s letter to X to seek technical and data forensics related to the account posting. Lee rejected the specific allegations made on that account and framed the posts as false.

Lee also stated that employee assets would not be given priority over client assets and emphasized that all account holders are treated equally as clients with no special privileges. He pushed back on calls to open the exchange’s books for independent verification while maintaining this position on asset treatment. These remarks form the core of his public responses amid ongoing withdrawal and salary complaints.

External perspectives on BitMart’s situation

Many users reported that withdrawals remained blocked after BitMart’s winding-down announcement. An X user known as BeardStaff said their assets had been inaccessible since the July 26 announcement and said a dedicated VIP manager removed them from Telegram. BeardStaff also publicly questioned the whereabouts of roughly $10 million they said was held on the platform. These individual reports reflect broader user complaints about access to wallets and funds.

Crypto commentator ZachXBT urged BitMart to demonstrate liquidity by returning funds directly instead of issuing vague statements. Roshan Dharia, CEO of Echo Base, told CoinDesk that Echo Base offered BitMart a funded restructuring package that included debtor-in-possession financing and equity at emergence, underwritten by Echo Base as a claimholder. Dharia said a custodial book of this size could not be resolved consensually because a dispersed retail customer base makes it impossible to reach all users and every missed user retains a full claim; he said there is no version of this that ends well without going to court. BitMart has not responded to the Echo Base restructuring offer.

BitMart founder Sheldon Lee dismissed calls for an audit despite ongoing reports that many users cannot withdraw funds and that some employees have not received their July salaries. Users have demanded disclosure of wallets, assets and liabilities, and a post on X claiming a hacked account prompted calls for independent verification by Aug. 19. BitMart said it was winding down operations with Aug. 26 as the final trading day.