BitMart Founder Denies Audit Requests Amid Blocked Withdrawals and Employee Payment Issues

BitMart Founder Denies Audit Calls

Sheldon Lee, the founder of BitMart, has dismissed calls for a financial audit amid allegations from users reporting blocked withdrawals and unpaid employee salaries. In response to claims made on the exchange’s hacked Chinese-language X account, Lee referred to the post as “fabricated rumors.”

Claims of Blocked Withdrawals and Unpaid Salaries

The contentious post, which was allegedly made by hackers, stated that numerous BitMart customers have been unable to access their funds since the announcement that the exchange would cease operations on August 26. Additionally, some employees reported not receiving their July salaries. Users expressed frustration over the situation, demanding transparency regarding wallets, assets, and liabilities.

One user highlighted their ongoing struggle by stating, “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.”

Lee’s Response and Future Steps

In his reply, Lee did not specifically address the audit requests, instead focusing on the alleged hacking of the account. He emphasized that BitMart would gather evidence against the claims and intends to file a police report along with a legal notice to X for technical and data forensics.

Regarding the unpaid salaries, Lee claimed that employee assets are not prioritized over client assets, asserting that all users are treated equally. This statement has drawn further criticism from users concerned about their withdrawal issues.

No Response from BitMart on Restructuring Efforts

In light of the ongoing crisis, Roshan Dharia, CEO of Echo Base, indicated that his investment firm has proposed a funded restructuring package to BitMart. However, he noted that the exchange has not engaged with them at this time. Dharia pointed out the complexities involved, stating that the situation with such a vast customer base cannot be resolved without legal intervention.

Deadline for Response

The original poster on X has set a deadline for Lee to respond. Should he fail to provide a verifiable response, they plan to escalate the matter to law enforcement, regulators, and media outlets globally with all relevant evidence.

As the situation unfolds, many in the cryptocurrency community are watching closely to see how BitMart addresses these mounting issues and demands for accountability.