BitMart Official X Account Alleges Withdrawal Problems, Unpaid Wages; Founder Calls Posts Fabricated

BitMart’s official Chinese-language X account publicly raised concerns about user funds and employee wages, calling on founder Sheldon Xia to disclose the exchange’s assets and present a repayment plan.

Cointelegraph reported on August 17 that the account alleged some users have been unable to withdraw funds and that some former employees have not received their final pay and severance.

The account demanded that Xia provide verifiable details of the company’s assets and a concrete repayment plan by a specified deadline. If he failed to comply, it said it would continue submitting related evidence to regulators, investigators, lawyers and media outlets.

Xia denied the allegations in full, calling everything in the posts “fabricated rumors” and saying he had secured evidence for legal action.

He said he had collected all evidence related to the posts on X and planned to file a police report during daytime hours in the U.S. He also said he would send a legal letter to X requesting technical and data forensics.

With the claims from BitMart’s account and its founder directly at odds, the actual status of user funds and withdrawals remains unverified.