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Bitmax Moved More Than 550 Bitcoin to Major Exchanges Before Capital Reduction

Bitmax Moved More Than 550 Bitcoin to Major Exchanges Before Capital Reduction

BitMax says the 550 BTC moved to Binance, Bybit and other overseas exchanges was not sold, stating the transfers were made for security and operational efficiency as the company also faces financial strain.

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Fact Check
Multiple independent news organizations (PANews, CoinPost, BlockBeats) have corroborated the report from the Maeil Business Newspaper. The details regarding the amount (550 BTC), the timeline (Jan 15 - Feb 5), the destination (OKX, Bitget, Binance, Bybit), and the subsequent capital reduction (March 9) are consistent across all sources. The company's own admission of the transfer (while disputing the intent) further confirms the physical movement of the assets.
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Summary

BitMax denied selling any of the roughly 550 BTC previously moved to major overseas exchanges, saying the transfers to venues including Binance and Bybit were for security and operational efficiency rather than disposals. Earlier on-chain data showed the transfers began on Jan. 15 and were completed by Feb. 5, with destinations including OKX, Bitget, Binance and Bybit. The new information adds BitMax’s explicit denial of any sale and further context that the company had reported a $52 million net loss in Q3 2025 and is facing delisting risk.

Terms & Concepts
  • BTC: The ticker symbol for Bitcoin, the native cryptocurrency of the Bitcoin network.
  • Capital reduction: A corporate action that reduces a company’s stated capital, often as part of restructuring or share-related adjustments.
  • On-chain data: Transaction information recorded on a blockchain that can be used to trace transfers between wallet addresses.