BitMart is shutting down and even on the way out they're extracting value from users.
One user tried to withdraw $2. Minimum withdrawal was $5, so they deposited $10 to qualify. Fees took $11. Net result? Turned $2 into $1 and gave BitMart $10 for the privilege.
The backstory is worse. BitMart got hacked for $196M in 2021. Funds went straight to Tornado Cash. They promised reimbursements that never came.
Then in May 2026 a proof-of-reserves leak showed ~$169M on paper, but almost all of it was BMX, their own token. Actual USDT on hand for withdrawals? Reportedly $650K.
BMX dumped 60%. Withdrawals stalled. Margin trading force liquidated. AMM bots suspended. Full wind-down announced. All within 24 hours.
This is why self-custody matters. Not your keys, not your coins isn't a meme. Every cycle produces another exchange collapse that proves the point.
One user tried to withdraw $2. Minimum withdrawal was $5, so they deposited $10 to qualify. Fees took $11. Net result? Turned $2 into $1 and gave BitMart $10 for the privilege.
The backstory is worse. BitMart got hacked for $196M in 2021. Funds went straight to Tornado Cash. They promised reimbursements that never came.
Then in May 2026 a proof-of-reserves leak showed ~$169M on paper, but almost all of it was BMX, their own token. Actual USDT on hand for withdrawals? Reportedly $650K.
BMX dumped 60%. Withdrawals stalled. Margin trading force liquidated. AMM bots suspended. Full wind-down announced. All within 24 hours.
This is why self-custody matters. Not your keys, not your coins isn't a meme. Every cycle produces another exchange collapse that proves the point.
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