BitMart reserve doubts raise custody concerns: Arch CTO

BitMart’s missing proof-of-reserves report and withdrawal complaints from two crypto projects have raised fresh questions about how customer assets are held during the exchange’s wind-down. Summary Arch Lending’s CTO called for independently verifiable custody before platforms face withdrawal pressure. OpenGradient and Scandic Coin have reported inaccessible or delayed BitMart withdrawals. BitMart has denied misusing customer funds but has not disclosed verified reserves and liabilities. Trading will stop on Aug. 26, ahead of the platform’s planned closure in January 2027. BitMart concerns expose verification problem Arch Lending co-founder and CTO Himanshu Sahay said questions about withdrawals and exchange closures expose the difference between assurances offered by a platform and financial information that customers can independently check. “Whenever questions arise around withdrawal processing or exchange wind-downs, it points to a structural gap across digital asset markets: the difference between platform-level statements and independent verification,” Sahay said in a statement to crypto.news. Customers often have no real-time method for establishing whether an exchange holds...