Can You Trust BitMart's Founder? He Kept the Dates, but the Numbers That Matter Are Missing (Personal Opinion)

This is my personal opinion, based only on words and actions that show up in notices and news reports. Nobody can know what a person really thinks.

The plan itself and the math on my SL are in My 100,000 SL Stuck on BitMart: How Much Do I Get Back?.

Lining up the founder's and BitMart's words with what came after, the dates were kept and the numbers are still missing

• Founder Sheldon Xia reportedly wrote on X on August 8, 2026 that he "didn't run away." He also reportedly said official notices would follow one after another (quoted from news articles; I couldn't open the original X post). After that, official notices came on August 21, September 9, September 16 and September 30.
• On August 17, he reportedly called the demands for an audit and wallet disclosure "fabricated rumors" (quoted from a news article). The September 30 notice has no asset disclosure numbers either.
• The September 9 notice said "we'll update you again within 3 weeks" and "we'll announce a feedback channel within 5 business days." The channel came on September 16, and the plan on September 30.
• The same notice also said an independent third party would be appointed in the near term. As of October 1, I couldn't find any notice of that appointment. The September 30 notice does mention a person appointed by the court.

The way I read it, the framework for communication is in place and the substance is still missing. The dates it promised to announce were mostly kept. The numbers users keep asking for and the independent third party are not there yet.

The founder's account shared this notice from the two official accounts (English and Chinese) with a one-line "New Update." I saw this in a screenshot of X and couldn't open the original. The same account also replied to one user's criticism. That was a personal exchange, not an official notice, so I don't weigh it.

What got better: for the first time, an explanation, options, a schedule and a court-appointed person all appeared

• For the first time, an explanation of what happened, the options and a schedule all came out together.
• If the plan goes ahead, a person appointed by the court will set the value. That puts eyes from outside BitMart on it.
• It says management is expected to put in junior-ranking funds. That's money for token operating costs and legal fees for chasing the hacked funds. The notice says "expected to provide."

What's still missing: numbers showing today's assets and debts, and a withdrawal date

• This notice has no numbers showing the assets it holds now and the money it has to pay back. The September 9 notice said asset records would be published after an independent adviser verifies them.
• There's no withdrawal date. Getting a share right away is also a story that only starts after the plan is approved.
• The sentences are conditional: "for example," "considering," "if sufficient funds can be raised."
• The causes are explained, but I couldn't find a detailed account of how management responded or where and how much of the reserves was spent. There is an explanation that the hack reduced the reserves.

BitMart explains its trouble with a weak market, a market-manipulation group, a 2021 hack and online attacks

The notice says these are "management's current understanding" and lists the reasons in three groups. All of this is BitMart's claim, not something I checked myself.

• The 2026 crypto market weakened, and a market-manipulation group going after trading fee perks abused the futures business, which cut income. Together, the business turned to a loss.
• The December 2021 hack reduced the reserves, which created a loss on the books.
• Online attacks since May, a sudden rush of withdrawals and an exposure of employees' personal information made operations even harder.

In the notice, management judged the $10 million (about 13.5 billion KRW) that an outside investor publicly offered to put in as "far from enough." The KRW figure is a rough conversion at 1 USD = 1,350 KRW.

Judge by the official notices. I'll add new developments as they come

When a notice about the independent third party or the court-appointed person comes out, or numbers showing today's assets and debts appear, I'll add them in a new post or in the news roundup. For the background, see BitMart Shutting Down, What Happens to SASEUL (SL) Withdrawals? Is SL Delisted?.

Sources

• BitMart help center · Announcement on BitMart's Initial Indicative Proposal and Roadmap · posted 2026-09-30, checked 2026-10-01
• BitMart help center · Update on the Appointment of Alvarez & Marsal as Financial Adviser and Near-Term Action Plan · posted 2026-09-09, checked 2026-10-01
• BitMart help center · Announcement on the Launch of the BitMart User Engagement Portal · posted 2026-09-16, checked 2026-10-01
• BitMart help center · Update Regarding BitMart's Potential Restructuring and Business Resumption Plan · notice of 2026-08-21
• TFTC · BitMart Founder Dismisses Audit Demands as Users Report Blocked Funds · reported 2026-08-17 (an article quoting the founder's X post)
• Digital Today · BitMart shutdown fuels confusion as founder says he will not run away · reported 2026-08-10 (an article quoting the founder's X post of August 8)

This is one writer's reading and not investment advice. It could be wrong. I hold SL. I opened and checked the 4 official BitMart notices for the factual parts myself on October 1, 2026.