‘Fabricated rumors’ about BitMart founder, Binance bStocks dominate: Asia Express
Binance’s bStocks are the second largest tokenized stock issuer just two months after launch, and BitMart’s internal feud erupts into the spotlight ahead of its closure
BitMart, a Chinese-based cryptocurrency exchange, is facing a public dispute over rumors about the whereabouts of user funds and repayment plans for employees. The exchange's internal feud has come to the forefront as the platform prepares for its closure. BitMart's official Chinese-language X account has demanded that founder Sheldon Xia explain the location of user funds and provide a repayment plan, threatening to submit evidence to regulators and media if he fails to do so.
Xia dismissed the claims as "fabricated rumors" and vowed to file a police report, demanding forensic analysis of technical data. Meanwhile, Binance's bStocks have quickly risen to become the second-largest tokenized stock issuer, overtaking xStocks less than two months after launch. BStocks reached approximately $624 million by August 3, surpassing xStocks' $579 million valuation, though they still trail behind Ondo Finance, which is valued at around $927 million.
The tokenized stock market has experienced a significant shift, with the market value growing from approximately $80 million a year ago to about $2.7 billion currently.
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