Crypto exchange BitMart has shut down, and users are reporting that they’ve been blocked from making withdrawals. The Wolf Of All Streets breaks it down:

@scottmelker $10M Bitmart is being held back, Sheldon is absconding with the money, and millions of users haven't been able to withdraw anything for three weeks. Sheldon, wake up! @zachxbt @benbybit @cz_binance @star_okx #bitmart

@scottmelker Three weeks since my withdrawals frozen, not a dolar i,ve got, i have 10000 stucked in that fuckin bitmart. Before, I was in Binance but due to mica eu, Binance stop in eu, so i move to Bitmart with intention to buy BTC and then move to my own wallet, I didn,t have time.

The so-called “hack” explanation does not answer the central question: what does it have to do with customers being unable to access and withdraw their own funds? BitMart cannot continue withholding customer assets while offering one explanation after another without providing clear evidence showing exactly what happened to the funds. My question is simple: How materially different is this from the warning signs we saw before FTX collapsed? I personally still have approximately $24,000 trapped on BitMart, and many other users are publicly reporting significant balances that they cannot withdraw. BitMart announced a wind-down process, yet customers have been unable to complete withdrawals as promised. Where are the customer assets? Based on what I am seeing, I am concerned that BitMart may be facing a serious liquidity or solvency problem. I cannot prove insolvency, but if the company had sufficient liquid assets available to satisfy customer withdrawals, then BitMart needs to explain why those withdrawals remain frozen or incomplete. I also believe the scale of this deserves immediate investigative reporting. If millions of dollars in customer assets remain inaccessible as BitMart approaches its August 26, 2026 deadline, regulators, law enforcement, attorneys, and the media need to be examining what is happening now—not after the platform closes.

@scottmelker Godd please kill this fuckinv scammer @sheldonbitmart

@scottmelker meu saque de $btc ta congelado desde 27 de julho... apenas alguns saques menores de $sol $eth e $usdt ainda resta 2k400 dolares congelados!!!!!

@scottmelker

@scottmelker This situation highlights the risks of centralized exchanges.

@scottmelker I have 2,200$ stuck in there. No way to get it out. We need more visibility!!! All the crypto giants are turning their heads meanwhile hundreds of thousands of users are getting robbed!!!!

@scottmelker My funds have been stuck for 3 weeks 😢

@scottmelker Yikes, another crypto crisis going on at BitMart!.

@scottmelker btc,usdt,usdc提现被冻结

@scottmelker Cryptopia screwed me out of 100k in doge when they shut down, and that stupid ass form was worthless.

@scottmelker 小额提币也不行。

@scottmelker Back money!

@scottmelker bitmart至今都没有处理我的提现已经整整三个星期了!

@scottmelker