BitMart founder dismisses calls for audit as users report blocked funds, unpaid employees
Sheldon Lee said a Chinese-language X account making the claims was hacked. Users want wallets, assets and liabilities disclosed.
BitMart founder Sheldon Lee has dismissed calls for an audit, despite users reporting blocked funds and unpaid employees. The exchange announced it would cease operations on August 26, with the final trading day on August 19. Lee claimed that the alleged hacking on X, his Chinese-language account, was responsible for the fabricated rumors.
He refused to address the demands for independent audits, instead referring to the hacking allegations. Lee stated that employee assets are not prioritized over client assets, treating everyone as a client with no privileges. Users are frustrated, with some reporting that their assets have been inaccessible since the July 26 announcement, and others questioning Lee's claim of hacking.
An onchain investigator, ZachXBT, questioned Lee's ability to return the funds if he possesses the liquidity. Distressed investment firm Echo Base offered a restructuring package, but BitMart has not responded. Experts suggest that without a verifiable response by the deadline, the situation may escalate to court proceedings.
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