BMX, the platform’s token, fell to about 8 cents, a 58% drop in 24 hours, reducing its market capitalization to about $27 million. The token had already fallen about 70% over the past year, so Sunday’s drop extended a long decline rather than starting one.
The exchange’s trading figures are significant despite the closure. BitMart reported about $1.6 billion in 24-hour volume, a 51% increase from the previous period, with bitcoin accounting for nearly half of that. That jump more likely reflects users liquidating positions and moving funds out than any new demand, but it leaves open why a platform that still clears that kind of flow is shutting down.
Meanwhile, the terms of withdrawal cause more friction than a routine exit. BitMart said requests may be subject to additional review covering identity verification, device and IP checks, withdrawal address screening, source-of-funds questions and sanctions checks, and warned that processing could drag on if request volume increases.
BitMart lost about $196 million due to a hot-wallet breach in December 2021, one of the bigger stock market hacks of that cycle, covering customer losses at the time.
