Cryptocurrency exchange BitMart is facing growing scrutiny as withdrawal processing appears to stall following its announced operational wind-down. On-chain tracking from Lookonchain revealed that only 58 wallets withdrew approximately $805,000 over a 24-hour period, with zero outgoing transactions processed during a recent eight-hour window.
Social media users reported withdrawal freezes and system delays, including instances where transactions were marked complete via automated email despite remaining pending on-chain. BitMart previously cautioned that outgoing transfers would remain operational but subject to heightened security checks, including mandatory verification of identity documents, login devices, and receiving wallet ownership.
The delays coincide with a sharp contraction in BitMart’s reserves and native asset valuation. Arkham data shows platform wallet balances fell to $69 million, down from $102 million earlier in July. Concurrently, BitMart’s native BMX token extended an 81.5% weekly crash, dropping from $0.31 to around $0.057 as market confidence deteriorated.
BitMart plans to halt new registrations and deposits while restricting spot orders, with trading services officially ending on August 26, 2026, ahead of a full platform closure scheduled for January 31, 2027. Commenting on potential industry consolidation, Binance co-founder Changpeng Zhao noted that acquiring distressed exchanges presents severe technical risks, as acquirers face inheriting legacy security flaws and structural vulnerabilities. BitMart’s ability to process pending withdrawals remains a critical test of whether the platform can execute an orderly liquidation without triggering a broader liquidity run.
