BitMart Exchange
Summary
BitMart is a centralized cryptocurrency exchange founded in 2017 by Sheldon Xia and incorporated in the Cayman Islands, which at its peak served users in over 180 countries and listed more than 1,700 cryptocurrencies. In December 2021, BitMart suffered one of the largest hot-wallet hacks in crypto history, losing approximately $196 million, which triggered a Federal Trade Commission investigation and raised unresolved questions about victim reimbursement. On July 26, 2026, BitMart announced it would wind down all trading operations by August 26, 2026 and fully close by January 31, 2027, citing vague 'operating conditions' while its CEO simultaneously disclosed he had been excluded from the shutdown decision — a combination of events that poses immediate fund-access risk for remaining users.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2017-12-01
BitMart Token (initially named BMC) launched; later renamed BMX in January 2018 due to naming conflict.
BitMart Token (BMX) historical data — CoinLore2018-01-01
BitMart Exchange becomes fully operational under founder Sheldon Xia, incorporated in the Cayman Islands.
BitMart Exchange Review 2026 — Liquidity Finder2021-12-05
Security firm PeckShield identifies a $196 million hot wallet hack affecting BitMart's Ethereum and Binance Smart Chain wallets. CEO Sheldon Xia confirms breach was caused by a stolen private key.
Crypto Exchange BitMart Hacked With Losses Estimated at $196M — CoinDesk2021-12-06
BitMart CEO Sheldon Xia pledges to reimburse all affected users from company funds. Hackers had already routed stolen assets through 1inch and Tornado Cash.
BitMart CEO Says Stolen Private Key Behind $196M Hack — CoinDesk2022-01-07
CNBC reports that a number of BitMart hack victims have still not received compensation, citing individual cases including a user alleging $53,000 in unrecovered losses.
Iranian immigrant lost $53,000 in crypto hack, says he faces ruin if BitMart doesn't pay him back — CNBC2022-08-10
Bloomberg reports the FTC has opened a probe into BitMart's U.S. operators (Spread Technologies and Bachi.Tech) over the December 2021 hack, marking the agency's first known crypto case.
FTC Probes BitMart Exchange Hack, Marking US Agency's First Crypto Case — Bloomberg (via Securities Docket)2022-08-01
FTC denies Bachi.Tech's petition to quash civil investigative demand; probe continues.
FTC Commission Order Denying Bachi.Tech Petition to Quash — FTC.gov2024-06-05
BMX token reaches its all-time high of approximately $0.62, giving BitMart a market capitalization near $210 million at peak.
BMX Token Crashes 46% as BitMart Announces Exchange Wind Down — BeInCrypto2025-04-23
BitMart announces leadership transition: Sheldon Xia moves to Group President role; Nenter Chow appointed Global CEO.
BitMart Announces Leadership Transition — GlobeNewswire2026-07-24
Global CEO Nenter Chow is informed his role will be terminated; he ceases involvement in company management and operations. Community withdrawal delay reports begin circulating; BMX token declines.
BitMart CEO Claims Not Involved in Shutdown Decision — ABAB News2026-07-26
BitMart publicly announces wind-down of all trading operations, citing 'operating conditions, market environment, and future strategic direction.' New registrations, deposits, and new orders suspended immediately at 01:30 UTC. BMX token falls 55-60% within 24 hours.
Crypto exchange BitMart to shut down after nine years, BMX token crashes 58% — CoinDesk2026-08-26
All spot and futures trading on BitMart scheduled to cease at 01:00 UTC.
BitMart Winds Down Trading as Exchange Closures Pile Up — Finance Magnates2027-01-31
BitMart's full operational shutdown target date; withdrawals cease.
BitMart Winds Down Trading as Exchange Closures Pile Up — Finance MagnatesDecision Log
- #1publish⛓ pending7/26/2026, 5:05:52 PMhash: 5Rn5YKU141j7vnTYPdkFMyhRbxFnKEFdtojD8tZ54f94
0 of 20 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 7/26/2026, 5:05:39 PM
last updated: 7/26/2026, 5:05:52 PM
avoid.net — verified advice for a post-truth world