BitMart to Wind Down Exchange as BMX Token Drops Below $0.10
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- BitMart announced a wind-down of its exchange, with its BMX token subsequently falling below $0.10 after a brief Saturday recovery.
- Users on X reported withdrawal delays, with some Tether (USDT) withdrawal requests reportedly pending for hours.
- Arkham data showed BitMart-attributed wallets held about $71 million in crypto on Sunday, down from roughly $102 million on July 6.
- About $41.5 million of BitMart's tracked holdings were in WeFi's WFI tokens, while USDT holdings stood at roughly $91,000.
- BitMart warned that withdrawal requests could face additional compliance and security reviews, extending processing times.
- Mandarin-speaking crypto users on X confused BitMart and BMX with BitMEX and its BMEX token, which fell 90% after BitMEX's Sept. 23 shutdown announcement.
Why it matters: BitMart users face potential delays and compliance scrutiny when accessing funds during the wind-down, with on-chain wallet balances down roughly 30% since July 6 and only about $91,000 in USDT tracked. The BMX sell-off was amplified by mistaken identity with BitMEX's separate shutdown, which cratered BMEX 90%.
