OpenGradient CEO: BitMart is effectively insolvent — client funds are blocked.
The situation surrounding BitMart is taking an alarming turn. Co-founder and CEO of OpenGradient, Matthew Wang, publicly stated that his marketing team's funds have been frozen on this trading platform, and he directly called the exchange insolvent. This statement comes amid growing concerns about the real liquidity of several centralized platforms.
According to my information, this is not an isolated incident. Wang claims that literally a week before the exchange announced the suspension of operations, BitMart actively urged token holders to lock up their assets, allegedly to attract additional liquidity. In reality, this looks like a classic attempt to delay the inevitable—to create an appearance of stability when real reserves are already running out.
Signs of a systemic crisis
Such a tactic—requesting voluntary asset lock-ups—is always a red flag. A healthy exchange does not need clients to freeze their tokens to "help" with liquidity. This is direct evidence that the platform is experiencing an acute shortage of working capital and is trying to shift risks onto users. If things were going well, BitMart would have no trouble covering its obligations from its own reserves.
My analysis shows that we are witnessing another episode in the long-running story of distrust toward centralized exchanges. After the collapse of FTX and a series of bankruptcies of other platforms, any hint of insolvency is perceived extremely painfully by the market. Wang's statement is not just an emotional reaction but a signal for everyone holding assets on such platforms: diversification and self-custody are now critically important.
My expert opinion: A public accusation of insolvency from the CEO of a technology company is a serious blow to BitMart's reputation that is unlikely to be swept under the rug. In the current market conditions, where trust in CEXs has already been undermined, such incidents will only accelerate the outflow of users toward decentralized protocols and hardware wallets. I recommend that anyone dealing with BitMart immediately reassess their risks.