BMX, the platform’s token, fell to around 8 cents, down 58% in 24 hours, cutting its market value to approximately $27 million. The token was already down about 70% over the past year, so Sunday’s drop prolonged a long decline rather than starting one.
The stock market’s trading figures are significant, despite the closure. BitMart reported around $1.6 billion in 24-hour volume, up 51% from the previous period, with bitcoin accounting for almost half of that. That jump more plausibly reflects users unwinding positions and withdrawing funds than any new demand, but it leaves open why a platform that still liquidates that type of flow is being shut down.
Meanwhile, the terms of the withdrawal carry more friction than a routine departure. BitMart said requests may face additional review covering identity verification, device and IP checks, withdrawal address verification, questions about the origin of funds, and sanctions checks, and warned that processing could be extended if request volumes increase.
BitMart lost around $196 million due to a hot wallet breach in December 2021, one of the largest exchange hacks of that cycle, and covered customer losses at the time.
