Watch Out: There Are Claims That a Cryptocurrency Exchange Is “Insolvent”

Matthew Wang, co-founder and CEO of OpenGradient, claimed that BitMart is experiencing payment difficulties, alleging that their market maker team is unable to withdraw funds held on the exchange.

Wang stated on social media that his team was unable to access the balances in their BitMart accounts and could not process withdrawals. The OpenGradient executive argued that this raised serious questions about BitMart’s financial health.

Wang stated that OpenGradient’s market maker team was unable to withdraw their balances held on BitMart.

OpenGradient’s CEO stated that the exchange was “bankrupt” and that the company was unable to withdraw its funds from the platform.

BitMart Allegedly Asked Token Holders to Lock Their Assets

Wang also alleged that about a week before BitMart’s closure announcement, it had suggested campaigns to some token projects that would encourage token holders to lock their assets on the exchange.

The screenshot shared by Wang shows an account that appears to be communicating on behalf of BitMart, offering a six-month locked savings campaign for token holders.

The shared message suggests an annual return rate of approximately 15 percent for the campaign, stating that one of the goals is to encourage long-term token holding and reduce short-term selling pressure.

The CEO of OpenGradient claimed that BitMart used these campaigns to encourage users to hold onto their assets on the platform.

Wang described the decision to ask token holders to lock up their assets shortly before the exchange closed as “a move made for liquidity.”

*This is not investment advice.