The cryptocurrency exchange BitMart has signaled it may partially resume operations through a phased restructuring plan, walking back the definitive shutdown it announced on July 26, 2026. The company confirmed it has hired law firm White & Case to structure a restart that will include the distribution of funds to creditors, according to an update posted on its official X account on August 21.
BitMart told its 12 million registered users it is evaluating a “potential restructuring and business resumption plan.” The original wind-down halted new account creation, switched off deposits, and disabled fresh orders. Spot and futures trading is still scheduled to end on August 26, 2026, with the platform set to close entirely on January 31, 2027. Withdrawals are meant to remain open until that final date, but users have reported delays, extra compliance checks, and security hold-ups.
Uncertainty over solvency remains acute. The exchange’s own ERC-20 token, BMX, fell close to 60% in one day after the shutdown announcement. On August 8, founder Sheldon Xia said in Chinese that BitMart “has not run away” and “will not run away,” urging users not to trust screenshots or leaks, but he provided no proof-of-reserves report or specific repayment figures. That same day was the deadline for U.S. customers to withdraw their crypto. On August 10, Whale Alert reported that a co-founder of OpenGradient said his market-making team could not withdraw funds from BitMart and openly questioned whether the exchange could cover all user deposits.
Further pressure came on August 17, when people claiming to be employees took control of BitMart’s Chinese X account and addressed Xia and partner Yi Li directly. They demanded an accounting of user funds, an explanation for blocked withdrawals, investigation of related accounts and entities, payment of outstanding wages, and a workable repayment plan. Xia rejected the posts as fabricated and said the account had been compromised. Blockchain investigator ZachXBT responded that anyone with real liquidity should simply return customer money rather than post vague statements.
Financial data has added to the concern. CoinMarketCap shows BitMart with roughly $272.6 million in daily trading volume, while the exchange reports only about $5.36 million in reserves. Most of that reserve figure is in BMX, at approximately $3.88 million, with about $677,000 in Ethereum. By comparison, rival exchange MEXC published a Hacken security report on August 14 showing it holds more than enough assets to cover user deposits, including 288% of the Bitcoin it needs.
BitMart has a history of security problems, including a December 2021 hot wallet hack that drained about $150 million. The exchange has not released the proof of reserves it promised on May 23, when it blamed earlier withdrawal issues on 239 accounts allegedly abusing trading subsidies. The company says a definitive roadmap is expected on September 9, when it plans to detail its reserve balance and repayment schedule. Leadership turmoil also surrounds the case: former Global CEO Nenter Chow was dismissed shortly before the initial liquidation announcement.
