BitMart is facing an Aug. 19, 2026 deadline from a Chinese-language X account presenting itself as a group of users and employees that is demanding proof of reserves, disclosure of wallets, liabilities and usable reserves, an explanation for withdrawal restrictions, payment of unpaid staff compensation and a detailed repayment plan as the exchange winds down. The pressure has continued after a post alleged that some users still cannot withdraw funds and some employees were not paid July salaries. BitMart founder Sheldon Lee, identified in earlier reporting as Sheldon Xia, called those claims fabricated rumors and said the exchange's Chinese-language account had been hacked. Users and on-chain investigator ZachXBT have argued that if BitMart has sufficient liquidity it should restore withdrawals or return customer assets immediately and submit to an independent third-party audit rather than rely on broad assurances. BitMart stopped new registrations, deposits and order placements on July 26 and plans to end spot and futures trading on Aug. 26, 2026, at 01:00 UTC, with full operations due to conclude on Jan. 31, 2027. Distressed investment firm Echo Base said it offered BitMart a funded restructuring proposal but received no response, and warned that handling large volumes of customer claims may ultimately require court proceedings.