BitMart’s sudden shutdown triggers withdrawal delays and on-chain panic, echoing the ghosts of 2022

With ETH drained from its wallets, BitMart faces a wave of stuck user withdrawals after abruptly announcing its closureBitMart said it will wind down its trading platform after nine years, abruptly reversing an expansion push that continued into the summer.The exchange stopped accepting new registrations, deposits and orders at 01:30 UTC on July 26. Spot, futures and other trading services will end at 01:00 UTC on Aug. 26, before the platform formally ceases operations on Jan. 31, 2027.The decision followed a series of service cuts that initially appeared to be routine product changes. Earlier in the week, BitMart discontinued its Spot Margin service and suspended its Automated Market Making Bot, saying the changes were intended to improve the security, convenience and reliability of its trading platform.The shutdown is particularly striking because BitMart had continued signaling growth only weeks earlier.In June, the exchange secured an Australian Financial Services License, while its asset-management business reported that assets under management increased by about 256% period-over-period in the first half of the year.BitMart attributed the closure to an assessment of its operat...