BitMart Reports Disagree on Founder’s and Partner’s Names
crypto.news and CoinGape both report an Aug. 19 ultimatum to BitMart over reserves and unpaid wages, but they name the exchange’s founder and his associate differently.
crypto.news and CoinGape both report an Aug. 19 ultimatum to BitMart over reserves and unpaid wages, but they name the exchange’s founder and his associate differently.
What all sources agree on
- BitMart users and employees issued a public open letter demanding disclosure of reserves, wallets, liabilities and a repayment plan.
- The letter set a deadline of Aug. 19 before threatening to escalate to regulators and law enforcement.
- The letter followed BitMart’s July 26 announcement that it would wind down its trading platform.
- Trading was set to end Aug. 26, with full operations ceasing Jan. 31, 2027.
- Some employees reportedly had not received their previous month’s salary or compensation.
- The letter sought disclosure of accounts, affiliated companies or trusts allegedly holding tens of millions of dollars in assets linked to a named individual.
- The letter said no criminal characterization should be applied to any individual before evidence was established.
Where the reports disagree
1Name of BitMart’s founder
The public statement was addressed to BitMart founder Sheldon Lee and Yi Li.
BitMart employees have taken control of the exchange’s Chinese official X account to publicly confront founder Sheldon Xia.
What would settle it: BitMart’s own corporate registration or official leadership statement naming its founder.
2Name and role of the second individual addressed in the letter
Yi Li was specifically asked to explain the source and ownership of funds held in accounts allegedly associated with her.
On August 17, the BitMart Chinese official account (@BitMart_zh) published an open letter directly addressing Xia and his partner Nancy Li.
What would settle it: The original open letter’s text or BitMart’s official response naming the individual.
What to make of it
Treat the existence and Aug. 19 deadline of the open letter demanding reserve disclosure and a repayment plan as established; treat the identity of the founder and his associate named in it as unresolved until BitMart or a primary corporate record confirms the names.
Treat the existence and Aug. 19 deadline of the open letter demanding reserve disclosure and a repayment plan as established; treat the identity of the founder and his associate named in it as unresolved until BitMart or a primary corporate record confirms the names.
Original source: AltcoinGordon
Syndicated coverage. Originally reported by altcoingordon.com.
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