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BitMart founder faces demands for fund disclosure and unpaid wages
The cryptocurrency exchange BitMart is embroiled in a controversy following its announced shutdown. The company's official Chinese-language X account has issued an ultimatum to founder Sheldon Xia and partner Yi Li, demanding a verifiable disclosure of assets, liabilities, and reserves by August 19.
The account, which may have been compromised or operated by internal whistleblowers, alleges that many users are unable to withdraw funds and that employees have not received their final salaries or compensation. It further called for an independent third-party audit and threatened to report findings to global regulators and law enforcement if demands are not met.
Sheldon Xia has denied these claims, labeling them as 'fabricated rumors' and asserting that the Chinese X account was hacked. He stated that the company is pursuing legal action and a police report regarding the unauthorized access. BitMart had previously announced an orderly wind-down, with trading scheduled to cease on August 26 and full operations ending in January 2027. Meanwhile, on-chain data from Arkham has noted a significant decline in crypto holdings in BitMart-attributed wallets since late July.
Entities
Arkham · BitMart · Sheldon Xia · Yi Li
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] The account alleged that several employees have not received their final month of salary or owed compensation. blogtienao.com · bitcoinethereumnews.com
- [● 3 SOURCES] Founder Sheldon Xia denied the allegations, claiming the Chinese X account was hacked and the information was fabricated. criptoinforme.com · livecoins.com.br
- [● 2 SOURCES] The account threatened to submit evidence to regulators and law enforcement if demands were not met.
- [● 5 SOURCES] The BitMart Chinese X account demanded that founder Sheldon Xia and partner Yi Li provide an explanation regarding user funds and unpaid wages. blogtienao.com · bitcoinethereumnews.com · criptoinforme.com
- [● 2 SOURCES] BitMart previously announced an orderly shutdown, with trading scheduled to end on August 26. criptoinforme.com
- [○ 1 SOURCE] On-chain data from Arkham indicated a significant decrease in crypto holdings in BitMart-attributed wallets since late July.
- [● 3 SOURCES] The account requested a disclosure of BitMart's wallets, assets, liabilities, and available reserves. blogtienao.com
- [● 4 SOURCES] An ultimatum was issued requiring a response or repayment plan by August 19. blogtienao.com · criptoinforme.com