Key facts
- BitMart employees have seized control of the exchange's Chinese X account.
- Employees are demanding founder Sheldon Xia disclose the location of user funds.
- Employees are demanding a repayment plan from Sheldon Xia.
- Employees are demanding an explanation for the withdrawal freeze.
- The deadline for Sheldon Xia to respond is August 19.
- Employees threaten to escalate to global regulatory and law enforcement bodies if demands are not met.
Employees of the cryptocurrency exchange BitMart have asserted control over the platform's official Chinese X account. This action is part of a coordinated effort to pressure founder Sheldon Xia into providing critical information regarding the exchange's financial status and operational issues. The employees' demands, publicly broadcast through the seized X account, center on three key points: the precise location of all user funds, a comprehensive plan for repaying users, and a clear explanation for the current freeze on withdrawals. A strict deadline of August 19 has been set for Xia to address these demands. The employees have stated that if Xia fails to comply by this date, they will initiate a broader escalation. This escalation involves alerting and engaging global regulatory bodies and law enforcement agencies to investigate the situation at BitMart.