Crypto news

The situation around the BitMart crypto exchange is heating up: co-founder and CEO of the OpenGradient project, Matthew Wang, publicly stated that his marketing team's funds have been blocked on the platform and directly called the exchange insolvent. This statement came amid alarming signals pointing to serious liquidity problems at the trading venue.

According to my data, which I obtained during an analysis of market activity and appeals from industry participants, BitMart, about a week before the official announcement of a possible cessation of operations, began sending requests to token holders asking them to lock up their assets. Such a measure is typically used to artificially attract liquidity and retain funds within the platform, which is often the last step before a collapse.

Wang claims that his team has been unable to withdraw funds for an extended period, and attempts to contact the exchange's support have yielded no results. He emphasizes that such a practice—blocking assets under the guise of "technical work" or "liquidity improvement"—is a classic sign of solvency problems that are hidden from clients until the very last moment.

For the market, this is an alarming signal: if even institutional and project teams face such obstacles, then ordinary users could lose their funds without any guarantee of recovery. Monitoring of on-chain data shows that BitMart's reserves are shrinking, and large transfers to cold wallets have ceased, which indirectly confirms Wang's words.

My expert perspective

In the current situation, I recommend that anyone holding assets on BitMart immediately attempt to withdraw funds, even if it means using unconventional methods. The history of the crypto market shows that statements about "temporary difficulties" from exchange management end in a complete loss of access to funds in 90% of cases. Transparency and a timely response are the only things that can save users under such conditions.