BMX, the platform’s token, fell to around 8 cents, down 58% over 24 hours, reducing its market value to around $27 million. The token was already down about 70% over the past year, so Sunday’s drop extended a long decline rather than starting one.
The turnover of the stock market is significant, despite the closure. BitMart reported about $1.6 billion in 24-hour volume, up 51% from the prior period, with bitcoin accounting for nearly half of that. This jump more plausibly reflects users unwinding their positions and moving funds rather than any new demand, but it leaves open why a platform that continues to clear this type of flow is shut down.
Meanwhile, withdrawal conditions cause more friction than a routine exit. BitMart said requests could be subject to additional review covering identity verification, device and IP address checks, withdrawal address screening, questions about the source of funds and sanctions checks, and warned that processing could expand if the volume of requests increases.
BitMart lost approximately $196 million to a hot wallet breach in December 2021, one of the largest exchange hacks this cycle, and covered customer losses at the time.
