Company
BitMart is a cryptocurrency exchange platform that suffered a major 2021 hack and is now winding down operations after nine years.
BitMart's court-backed repayment plan blames a 2021 hack it now puts at $319.5 million for the hole facing more than 12 million frozen users. Each user can take a share of liquid assets now or hold tokens that depend on hack recoveries or a reopening.
Reality
The exchange reports $5.36m of reserves, most of it its own token, against CoinMarketCap volume of $272.6m. The proof-of-reserves report it promised in May is now 90 days late.
Reality
Founder Haipo Yang said he considered selling CoinEx and decided against it, and the exchange he is closing instead says its reserve ratio is still above 100 percent with customer assets fully backed.
Perspective Coverage
3 publishersReality
The nine-year-old exchange is closing on costs while saying its reserves cover more than 100% of customer balances, and it will buy back leftover CET at 0.005 USDT a coin before withdrawals shut on December 22, 2026.
Reality
BitMart has let a funded $10 million offer to bankroll its own bankruptcy sit unanswered for 27 days, and the reserves it reports on itself come to $5.36 million, most of that in a token it issued.
Reality
The exchange promised proof of reserves on May 23 and has not delivered it. Its founder now says he will take his own staff's unpaid-wage claims to the police.
Reality
The startup from ex-Bybit co-CEO Helen Liu says it will not launch, months after unveiling. In a year with about 95 crypto project closures, the constraint has moved from permission to distribution.
Reality