Withdrawals from cryptocurrency exchange BitMart appeared to sluggish down after it announced plans to wind down its operations.
On Monday, the Lookonchain Blockchain Analytical Account reported that just 58 wallets cashed out approximately $805,000 in 24 hours. He added that the exchange had not processed any withdrawals in the last eight hours it monitored.
X users also continued to report difficulty stopping the drug. One user he said received an email stating that their USDT withdrawal was completed, even though the transaction had not been processed and their account showed an on-chain withdrawal freeze message. Another user he said the $30 test withdrawal remained pending for more than 30 minutes. These are individual claims and cannot be verified.
A key test will be BitMart’s ability to efficiently refund customer funds he promised “orderly” liquidation and may determine whether the decline in confidence develops into a broader frenzy of withdrawal.
BitMart previously said withdrawals remain available, but warned that requests may be subject to additional compliance and security checks, including reviews of customer identities, login devices, withdrawal addresses, transaction history and sources of funds. The exchange may also request proof of identity, address, source of funds or ownership of the receiving wallet.
Cointelegraph reached out to BitMart for comment but did not receive a response prior to publication.
BitMart token extends decline as exchange prepares to close
On Sunday, BitMart announced it would stop accepting modern registrations and deposits, while also limiting modern spot orders and futures positions. The end of trading services is scheduled for August 26, and the platform will completely cease operations on January 31, 2027.
Arkham-identified wallets assigned to BitMart held about $69 million in crypto assets on Monday, up from about $102 million on July 6.
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BitMart’s BMX token in circulation According to CoinGecko, the price was close to $0.057 on Monday, down about 81.5% in seven days. Late Friday, before the exchange’s close was made public, the token was trading at around $0.31.
BMX token 24-hour chart. Source: CoinGecko
The closure also sparked debate over whether larger exchanges could acquire smaller competitors.
Binance co-founder Changpeng Zhao he said acquiring a centralized exchange was more complicated than buying other companies because buyers could inherit security vulnerabilities, including backdoors left by previous teams. He added that takeovers are still possible but require greater scrutiny.
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