Key Takeaways:
Only 58 wallets withdrew about $805,000 from BitMart in the 24 hours through Monday, blockchain analytics account Lookonchain reported, as the crypto exchange's wind-down announcement triggered user complaints about frozen or delayed withdrawals.
"The exchange had not processed any withdrawals during the latest eight-hour period it tracked," Lookonchain said in a post on X. Onchain Lens separately reported that BitMart processed no withdrawals above $25,000 in altcoins, Bitcoin or stablecoins over the past 24 hours, citing data from Arkham Intelligence.
Arkham-identified wallets attributed to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6 — a decline of 32 percent. BitMart's BMX token traded near $0.057, extending its seven-day decline to 81.5 percent after closing around $0.31 on July 25, the day before the shutdown became public, according to CoinGecko.
BitMart announced July 26 that it would stop accepting new registrations and deposits, with trading services scheduled to end Aug. 26 at 01:00 UTC and full cessation planned for Jan. 31, 2027. The exchange said withdrawals remain available but warned they may face additional compliance and security reviews, including checks on customer identities, login devices, withdrawal addresses, trading histories and sources of funds. Users on X reported receiving freeze notices and pending withdrawals that remained unprocessed for more than 30 minutes.
The withdrawal delays test BitMart's promise of an "orderly" wind-down and could accelerate a broader rush for the exits if confidence deteriorates further. The exchange removed CEO Nenter Chow on July 24 without prior notice, according to Chow, who said the decision highlighted a lack of transparency. BitMart's closure follows BitMEX's announcement that it will shut down in September after 11 years, with CryptoQuant CEO Ki Young Ju noting BitMEX's share of the Bitcoin futures market had fallen to 0.08 percent. Restructuring adviser Roshan Dharia told Cointelegraph the industry is consolidating, with the top five platforms now controlling an estimated 80 percent of global spot volume, leaving mid-tier exchanges with shrinking margins and no viable path to scale.
Binance co-founder Changpeng Zhao said acquiring a centralized exchange was more complicated than buying other businesses because buyers could inherit security vulnerabilities, including backdoors left by previous teams, though acquisitions remain possible with greater scrutiny.
This article is for informational purposes only and does not constitute investment advice.
