According to CoinMeta, BitMart has been accused of bankruptcy due to its market-making capital being frozen during a continuous liquidation process. Matthew Wang, co-founder and CEO of OpenGradient, stated that his team was unable to process execution requests on BitMart, claiming that the platform was in a state of functional bankruptcy rather than just a simple delay. Wang pointed out that in the week before BitMart announced its closure, the exchange actively promoted high-yield staking and locked savings products, suggesting that this was a deliberate liquidity manipulation. Although BitMart claimed that withdrawal channels were still open, on-chain tracking showed that withdrawals of over $25,000 had almost ceased, and multiple projects and high-net-worth accounts reported millions to tens of millions of dollars in pending requests. Wang believes that the current withdrawal bottleneck is causing users to face greater difficulties in withdrawing their balances.