BitMart founder dismisses calls for audit as users report blocked funds, unpaid employees
BitMart founder Sheldon Xia Lee is facing intense scrutiny as users report being unable to withdraw funds following the exchange's decision to wind down operations. Lee has dismissed calls for an independent audit, claiming his account was hacked and that rumors are fabricated.
Why it matters
The incident highlights the risks associated with centralized crypto exchanges and the lack of transparency during insolvency or operational shutdowns.
The post on the exchange's Chinese-language account , which Lee said had been hacked , called on him and business partner Yi Li to open the books, including wallets, assets, liabilities, and usable reserves, to independent verification. It gave Lee until Aug. 19 to respond.
Last month, BitMart said it was winding down operations and Aug. 26 would be the final trading day. Many users are reporting withdrawals remain blocked.
"To this day, a bunch of users still can't withdraw their own money, and a bunch of employees haven't even received their last month's salary or the compensation they're owed. This isn't some business dispute that can just be brushed off with a single 'ceasing operations' statement," the post said.
"Are you willing to accept independent third-party audits?"
In his response , Lee did not address the demands directly, referring instead to the alleged hacking.
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