BitMart Founder Denies Fund Freeze Claims, Blames Hacked Account Amid User Backlash

BitMart founder Sheldon Lee is pushing back against claims that customers can’t access their funds and staff haven’t been paid, calling the allegations fabricated and blaming a hacked social media account. The claims originated from the exchange’s Chinese-language account, which demanded Lee and his business partner open company books, including wallets, assets, and liabilities, to outside verification by August 19.

Founder’s Response Sidesteps Core Demands

Rather than addressing the withdrawal complaints directly, Lee said he would file a police report and pursue legal action over the alleged hack. On unpaid staff, he said employee claims hold no priority over customer funds. BitMart announced last month it was shutting down entirely, with August 26 marked as its final trading day, though many users say withdrawals remain stuck.

Users and Investigators Push Back

Multiple users publicly demanded direct answers about fund access, with one claiming $10 million remained locked. A blockchain investigator urged the exchange to simply return funds if liquidity exists. A distressed-debt firm said it offered BitMart a funded restructuring plan, which has gone unanswered.