They've closed withdrawals, but spot and futures are still open. Does anyone have any ideas on how to withdraw funds? I've heard that many people previously bought a coin with low liquidity on one exchange and then sold it on another at the same time and withdrew at least part of their funds, basically manipulating the price. Or does anyone have other ideas?

Quote from: hosemary on August 07, 2026, 10:47:59 AM

Quote from: Coyster on August 07, 2026, 09:48:57 AM

No, what stops on August 26, 2026 is all trading activities on the exchange. Spots, futures or any other kind of trading would no longer be possible in BitMart after the said date. Nevertheless, the exchange would cease operations on January 31, 2027, so customers should be able to withdraw their funds up until then.

But in another announcement, they have recommended that users withdraw their funds before August 26.

This is so confusing. If people can withdraw their funds until January 31, what does this recommendation mean?

They also said that people who weren't able to withdraw within the recommended timeframe will have their request transferred to a dedicated processing procedure(quote below). So, I am guessing the usual withdrawal process on their website will stop after August 26 and will be replaced with another withdrawal procedure.

Quote from: https://bitmart.zendesk.com/hc/en-us/articles/53544595916059-Important-Notice-Regarding-the-Orderly-Cessation-of-BitMart-Operations

IV. Processing After the Recommended Timeframe
For users who do not complete withdrawals within the recommended timeframe, the related requests will be transferred to a dedicated processing procedure. Specific arrangements and any required documentation will be communicated separately through official announcements or direct notifications.

Accounts frozen due to disputes or sanctions-related matters will continue to have access to the applicable appeals process.

You might want to read this article https://x.com/bithunt_io/status/2085867500814909892
A bit of harsh reality:
Quote1. CIMA: BitMart was NEVER regulated in the Cayman Islands

The Cayman Islands Monetary Authority officially confirmed that BitMart, GBM Global Inc., Bachi Tech Ltd., and related entities have never been registered, licensed, or regulated in the Cayman Islands. Yet BitMart listed the Cayman Islands as its legal address and in its user agreement.

2. Founder Sheldon Xia remains silent

Founder Sheldon Xia has still not commented on the exchange's closure. Internal sources reveal shocking details:

· In April 2025, BitMart stopped hedging orders — it began working directly against users. If a client won, their funds were frozen, and withdrawals were banned for at least three months.
· In May 2025, mass layoffs of entire departments began — without warning or compensation.
· When an employee asked about the company's reserves, Xia personally banned the publication of Proof of Reserves.

Global CEO Nenter Chow was fired on July 24 — two days before the public shutdown announcement. He was not involved in the decision to close.The root of the problem lies with the founders themselves; I’m convinced the outcome won't be much different from the FTX case. It’s a case worth following. If you plan to join the class-action lawsuit, the coordinator's contact details are in the article. Take care of yourself.

Quote from: RGBTC on August 08, 2026, 12:21:55 AM

The root of the problem lies with the founders themselves; I’m convinced the outcome won't be much different from the FTX case. It’s a case worth following. If you plan to join the class-action lawsuit, the coordinator's contact details are in the article. Take care of yourself.

I am not surprised with the details of this article, like i said in my last post in this topic, i believe BitMart is insolvent, and that is why they are shutting down. They cited market and operating conditions as part of the reasons they are leaving the market, but i think all of that is just buzzwords mushed together to create a fancy statement, so as not to raise any suspicion.

It would be a miracle if things end up well for their creditors, but one doesn't need to be a genius to know that most people would be denied their money, and it could culminate in a long legal process.

Bitmart founder speaks --- https://x.com/sheldonbitmart/status/2086059203576377616

He said he did not disappear and denied any rumors, will continue to consider the court and third-party auditors for reports, his case is getting complicated and his like will not be completed in the near future.

Other news, employees and staff until now have not been paid, this is an indication that the exchange is looking for an excuse to buy time. https://x.com/WuBlockchain/status/2086075542898655379

^
Haha, after disappearing for a while, it is quite likely that the BitMart leadership eventually came under scrutiny by the authorities due to the volume of complaints. Ultimately, this makes it harder for customers to claim their remaining balances. If their liquidity were healthy, operations should have continued as usual without any court involvement.

I have only a little money there, but in several different currencies. The transfer fees are set at $5-11 and I would suffer a lot of loss. I would use my virtual card, but for some reason the card has disappeared from my Google Wallet. If I try to check my card number on the Bitmart website, I get a "network error". I could withdraw my funds with those transfer fees, but I don't bother if others haven't gotten anything either.

Quote from: $crypto$ on August 08, 2026, 09:12:50 PM

Bitmart founder speaks --- https://x.com/sheldonbitmart/status/2086059203576377616

Someone has commented that his $10 million is stuck on that exchange, which is a huge amount.

I don't know if that claim is valid, but why would someone hold that much money on an exchange like this one? I would never, although I don't have that much money haha, but still, why?

Anyway, some other members have also commented with their amounts stuck, and one has even shared his case ID. Let's see what will happen now if the representative is really responding. They must be under some legal pressure after all those complaints.

Quote from: Hamza2424 on August 09, 2026, 04:56:37 PM

I don't know if that claim is valid, but why would someone hold that much money on an exchange like this one? I would never, although I don't have that much money haha, but still, why?

I wouldn't even hold 1% of that amount in any centralized exchange at all, let alone one that was hacked and lost just shy of $200m a few years ago, no chance!

Quote from: Hamza2424 on August 09, 2026, 04:56:37 PMThey must be under some legal pressure after all those complaints.

I think so too, they ought to know that there would be legal consequences if they continue with this sham of a wind-down process. Though i am not optimistic about this process, because as of right now, i still stand by my words, that i believe this exchange do not have the liquidity to settle most of their liabilities.

Quote from: Hamza2424 on August 09, 2026, 04:56:37 PM

Quote from: $crypto$ on August 08, 2026, 09:12:50 PM

Bitmart founder speaks --- https://x.com/sheldonbitmart/status/2086059203576377616

Someone has commented that his $10 million is stuck on that exchange, which is a huge amount.

I don't know if that claim is valid, but why would someone hold that much money on an exchange like this one? I would never, although I don't have that much money haha, but still, why?

Anyway, some other members have also commented with their amounts stuck, and one has even shared his case ID. Let's see what will happen now if the representative is really responding. They must be under some legal pressure after all those complaints.

While ordinary retail traders can hold their funds in trust wallet or cold storage, this is often not possible for institutional whales or market makers. They need to keep huge amount of liquidity on their exchanges to do arbitrage trading, high-frequency algorithmic trading or OTC deal.

Sometimes, many people think, BitMart is a big, old exchange, my funds are safe. But they haven't learned anything from the collapse of giants like FTX or Celsius! They are now paying the price for forgetting golden rule of Not your keys, not your coins.

Quote from: Hamza2424 on August 09, 2026, 04:56:37 PM

Quote from: $crypto$ on August 08, 2026, 09:12:50 PM

Bitmart founder speaks --- https://x.com/sheldonbitmart/status/2086059203576377616

Someone has commented that his $10 million is stuck on that exchange, which is a huge amount.

I don't know if that claim is valid, but why would someone hold that much money on an exchange like this one? I would never, although I don't have that much money haha, but still, why?

Anyway, some other members have also commented with their amounts stuck, and one has even shared his case ID. Let's see what will happen now if the representative is really responding. They must be under some legal pressure after all those complaints.

I caught a glimpse of that tweet on X about the withdrawal of $10m cannot be pulled out of Bitmart, $5m USDT and $5m USDC.

Is there any other reason that the user might be storing a lot of assets on the exchange, maybe he is a day trader? Still, it's a risk that must be faced when the exchange faces problems like this.

There are dozens of complaints about the withdrawal problem, even hundreds of users continue to complain, I do not know but it is likely that representatives of them did not respond so quickly.

Quote from: Coyster on August 09, 2026, 07:05:03 PM

I wouldn't even hold 1% of that amount in any centralized exchange at all, let alone one that was hacked and lost just shy of $200m a few years ago, no chance!I have held on CEXs but not these ones. I would never suggest anyone to hold more than $10k on exchanges, and if you are a trader, then you can hold more, but never hold for long-term investment plans thinking Coldcard hardware wallet had flaws, so maybe other HWs will also have some, or other hot wallets will also have some flaws.

People are already searching for alternatives because they want someone they can blame and claim refunds from. But they are not aware of the BitMart incident yet.

Quote from: Coyster on August 09, 2026, 07:05:03 PMI think so too, they ought to know that there would be legal consequences if they continue with this sham of a wind-down process. Though i am not optimistic about this process, because as of right now, i still stand by my words, that i believe this exchange do not have the liquidity to settle most of their liabilities.

I also read in this thread that they were not even registered for a long time, but no one confirmed that at the time. If they were not even regulated, then the authorities will be slower than normal to catch them, but it depends on the number of reports that people will file.

Quote from: MArsland on August 07, 2026, 07:49:59 AM

According to the official announcement, users should still have time to withdraw their assets until August 26.

No, what stops on August 26, 2026 is all trading activities on the exchange. Spots, futures or any other kind of trading would no longer be possible in BitMart after the said date. Nevertheless, the exchange would cease operations on January 31, 2027, so customers should be able to withdraw their funds up until then.

Quote from: r_victory on August 06, 2026, 10:38:50 PMIf withdrawals were blocked before the date indicated in the official statement, then there's nothing to be done, and no suggestion will be helpful.

Of course there are actions that can be taken, if this continues until the exchange shuts down completely, then their customers can file a class action against the exchange. BitMart initially told customers that there would be serious checks before withdrawals would be processed and i think it is crazy and just a way these exchanges try to steal from their customers. It makes no sense for a CEX that already has the personal data of their customers to begin renewed extended checks on their withdrawals, just because they are winding-down.

Quote from: Coyster on August 07, 2026, 09:48:57 AM

No, what stops on August 26, 2026 is all trading activities on the exchange. Spots, futures or any other kind of trading would no longer be possible in BitMart after the said date. Nevertheless, the exchange would cease operations on January 31, 2027, so customers should be able to withdraw their funds up until then.

But in another announcement, they have recommended that users withdraw their funds before August 26.

This is so confusing. If people can withdraw their funds until January 31, what does this recommendation mean?

Quote from: bitmart.com

We strongly recommend that all users complete identity verification and close all trading positions before 01:00 (UTC) on August 26, 2026, and submit withdrawal requests before 05:00 (UTC) on August 26, 2026.

There's also an announcement saying U.S. users must withdraw all their funds before August 8, which is tomorrow.

Quote from: bitmart.com

If you are currently residing or located in the United States, or otherwise qualify as a U.S. user under the BitMart User Agreement and applicable policies, please complete the following actions no later than 8/8/2026 23:59 PM UTC, which is 15 calendar days from the date of this notice:
1. Close all open spot, margin, futures, options, lending, copy-trading, or other positions, as applicable;
2. Cancel all outstanding orders;
3. Redeem or withdraw assets from Earn, staking, lending, or other applicable products, subject to the applicable product terms;
4. Convert or withdraw assets that may not be supported by your destination wallet or receiving platform; and
5. Withdraw all remaining digital assets from your BitMart account to a wallet or platform that you control and that is legally available to you.

I have about $45 in ETH in there for their card. I just submitted a withdraw request.

Let's see if I can get it out.

Edit: They seem have to disabled the cards too, so I can't spend it on anything.