BitMart’s official X account publicly criticized founders Sheldon Xia and Nancy Li after the exchange announced a shutdown in late July, escalating a crisis that has already left users reporting withdrawal problems. The post called for transparency on withdrawal restrictions, alleged losses of user funds and unpaid employee wages, and included photos of the founders’ passports, raising privacy and internal governance concerns. BitMart had said it suspended operations to review assets and operations, while the founders denied any misappropriation and said a thorough audit was under way. The episode adds to pressure on centralized exchanges (platforms that hold customer assets) by highlighting custody risk, weak communication and the potential for regulatory scrutiny as affected users await clarity on whether and when funds can be recovered.