{"id":9291,"date":"2026-08-16T02:33:26","date_gmt":"2026-08-15T23:33:26","guid":{"rendered":"https:\/\/handoli.com\/index.php\/2026\/08\/16\/bitmart-cpo-resigns-as-insolvency-speculation-mounts\/"},"modified":"2026-08-16T02:33:26","modified_gmt":"2026-08-15T23:33:26","slug":"bitmart-cpo-resigns-as-insolvency-speculation-mounts","status":"publish","type":"post","link":"https:\/\/handoli.com\/index.php\/2026\/08\/16\/bitmart-cpo-resigns-as-insolvency-speculation-mounts\/","title":{"rendered":"BitMart CPO resigns as insolvency speculation mounts"},"content":{"rendered":"
<\/div>\n

The resignation of BitMart Chief Product Officer Terence Lee has stoked speculation online that the soon-to-be-shuttered crypto exchange could well be insolvent.<\/p>\n

In a statement<\/a>, posted online, Lee claims that he wasn\u2019t \u201cresponsible for the exchange\u2019s core business,\u201d and that he\u2019s not involved in BitMart\u2019s \u201coperations, management, or asset-related matters of the company or any of its affiliated entities.\u201d<\/p>\n

He also stressed that he has \u201cno authority over platform assets, accounts, or matters relating to user funds\u201d and said that he wouldn\u2019t comment on any legal proceedings, calling his resignation \u201cmy sole public clarification on this matter.\u201d<\/p>\n

Crypto streamer Travladd said<\/a> that Lee\u2019s departure \u201cscreams insolvency,\u201d and claimed that he\u2019s resigning \u201cbefore shit hits the fan.\u201d<\/p>\n

BitMart situation has \u2018gotten out of hand\u2019<\/h2>\n

According to \u201cCao,\u201d a lawyer who\u2019s previously served<\/a> BitMart demand papers, the \u201csituation has gotten out of hand.\u201d\u00a0<\/p>\n

They said<\/a> that \u201cNot being in control of assets doesn\u2019t exempt a co-founder from responsibility; you don\u2019t get to opt out of accountability by stepping back once things collapse.\u201d<\/p>\n

\n
\n
\n

I don\u2019t usually air personal work here, but the @BitMartExchange<\/a> situation has gotten out of hand, and my clients are victims of a chaotic and poorly managed cessation of operations.<\/p>\n

We\u2019ve served formal demand letters across multiple jurisdictions and tried to reach the\u2026 https:\/\/t.co\/f1szeKO97Z<\/a><\/p>\n

\u2014 Cao (@CaoLinSan) August 12, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: BitMart founder denies exit scam as withdrawals stall<\/a><\/em><\/p>\n

BitMart\u2019s withdrawal issues<\/h2>\n

Prior to Lee\u2019s departure, Open Gradient CEO Matthew Wang had already accused<\/a> BitMart of insolvency after his market maker couldn\u2019t retrieve its funds.\u00a0<\/p>\n

He also claimed that it was \u201cinsane\u201d that BitMart asked token holders to lock up their tokens one week before it announced that BitMart would cease operations by January 31, 2027.<\/p>\n

Wang\u2019s post was apparently deleted while BitMart\u2019s closure announcement on X was \u201cwithheld\u201d from UK users \u201cin response to a legal demand.\u201d<\/p>\n

\"\"<\/a>
BitMart\u2019s post is witheld from UK users. <\/figcaption><\/figure>\n

Read more: BitMart processed just 63 withdrawals after closure announcement<\/a><\/em><\/p>\n

The announcement promised an \u201corderly wind-down\u201d and claimed, \u201cwithdrawal services will remain available.\u201d<\/p>\n

BitMart users scrambled to withdraw their funds as the price of its token fell<\/a> 80% between July 24 and July 26.<\/p>\n

However, there were significant delays<\/a>, with users experiencing<\/a> difficulties weeks later.\u00a0<\/p>\n

Co-founder denies rugpull<\/h2>\n

Eventually, BitMart co-founder Sheldon Xia broke<\/a> a two-week silence to deny that the firm was conducting an exit scam.\u00a0<\/p>\n

In a statement that included no figures or timeline, Xia said the team is still tallying and consolidating what it holds.<\/p>\n

He also floated the possibilty of \u201cinvolving the courts and independent third-party auditors to provide a transparent report.\u201d<\/p>\n

Protos has reached out to BitMart for comment and will update this piece should we hear anything back.<\/p>\n

Got a tip? Send us an email securely via\u00a0Protos Leaks<\/em><\/a>. For more informed news and investigations, follow us on\u00a0X<\/a>,\u00a0Bluesky<\/em><\/a>, and\u00a0Google News<\/em><\/a>, or subscribe to our\u00a0YouTube<\/em><\/a>\u00a0channel.<\/em><\/p>\n

The post BitMart CPO resigns as insolvency speculation mounts<\/a> appeared first on Protos<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The resignation of BitMart Chief Product Officer Terence Lee has stoked speculation online that the soon-to-be-shuttered crypto exchange could well be insolvent. In a statement, posted online, Lee claims that he wasn\u2019t \u201cresponsible for the exchange\u2019s core business,\u201d and that he\u2019s not involved in BitMart\u2019s \u201coperations, management, or asset-related matters of the company or any […]<\/p>\n","protected":false},"author":1,"featured_media":9292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[147],"tags":[],"class_list":["post-9291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest"],"_links":{"self":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/comments?post=9291"}],"version-history":[{"count":0,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media\/9292"}],"wp:attachment":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media?parent=9291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/categories?post=9291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/tags?post=9291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}