Onchain data showed no BitMart withdrawals above $25,000 after the exchange announced its planned wind-down. Former Global CEO Nenter Chow said he was not informed about the shutdown before t
BitMart processed no Bitcoin, stablecoin or altcoin withdrawals above $25,000 during the past 24 hours after announcing plans to wind down its trading platform, according to Onchain Lens. Meanwhile, former Global CEO Nenter Chow said he learned about the decision only after it became public, despite his employment ending on July 24.
According to Onchain Lens, blockchain data covering more than 2.5 million BitMart-linked addresses showed no large withdrawals by retail users, market makers or listed projects. The analytics platform reported zero withdrawals above $25,000 across Bitcoin, stablecoins and altcoins during the period.
Lookonchain also reported reduced withdrawal activity. According to its data, only 58 wallets withdrew about $805,000 over the previous 24 hours, while BitMart processed no withdrawals during the latest eight-hour period it monitored.
Meanwhile, Arkham-identified BitMart wallets held about $69 million in crypto assets. That figure was down from roughly $102 million recorded on July 6.
Nenter Chow said his employment as Global CEO ended on July 24 and his offboarding started immediately. He added that he had no management role after that date.
https://twitter.com/50Nent/status/2081261906254533060?s=20According to Chow, he was not consulted about the exchange's wind-down plans. He also said he was not informed before the public announcement and urged users to rely only on BitMart's official communications.
Earlier, BitMart said withdrawals remain available. However, it warned that requests could face additional compliance and security reviews before processing.
BitMart previously announced it would stop new registrations, deposits and additional trading activity before ending trading services on Aug. 26. The exchange expects to complete its wind-down by Jan. 31, 2027.
The announcement also prompted discussion about exchange acquisitions. Binance co-founder Changpeng Zhao said acquiring centralized exchanges requires careful review because buyers could inherit security vulnerabilities.
Zhao also noted that BitMart's process appeared to be an orderly wind-down and reminded users that self-custody remains an option for those able to secure their recovery phrases.
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