BitMart Risk Warning | Is BitMart Reliable? A Complete Analysis of Hacking Incidents, Withdrawal Obstacles, and User Complaints

1. Brand Background and Development History

• Full company name : BitMart Exchange (undisclosed unified registered entity)

• Founded : 2017

• Registered Address : Officially claims to be headquartered in the Cayman Islands, with branches in New York, Japan, and other locations, but lacks transparent legal disclosures.

• Business scope : covering 180+ countries, mainly active in Asia, Africa and parts of the Americas

• Official website : https://www.bitmart.com {:target="_blank" rel="nofollow"}

BitMart emphasizes its role as a "global cryptocurrency trading platform" in its publicity, but its regulatory and fund security issues have long been questioned.

2. Trading Account and Trading Conditions

⚠️Risk Analysis : BitMart’s transaction fees are higher than those of mainstream exchanges, and high leverage and financial products carry extremely high financial risks.

III. Supervision and Compliance

📌Conclusion : BitMart does not hold any regulatory licenses in any major jurisdictions and is a completely unregulated exchange.
WikiFX and FX110 have classified it as high risk.

IV. Historical Security Incidents

• December 2021 : BitMart was hacked, resulting in a loss of approximately US$196 million , involving various tokens including ETH and SHIB.

• This was one of the largest exchange thefts of the year.

• Although the official promised full compensation, some users reported that compensation was delayed or not received, and trust has dropped significantly.

⚠️Risk Comment : The hacking incident has cast serious doubt on BitMart’s fund security capabilities.

5. User Complaints and Withdrawal Barriers

1. Withdrawal Delays

• Reddit users said that withdrawals were pending for more than 5 days and their funds were tied up.

• I complained on Trustpilot that I needed to provide additional documents to withdraw money, but the money still hasn't arrived.

2. Account Freeze

• FX110 complaint: The account was suddenly frozen and funds could not be withdrawn.

3. Low customer service efficiency

• Users generally report that customer service does not respond for days or even weeks.

📌Real Case :

“I requested a withdrawal of 1500 USDT. After 7 days, still pending. Support says system upgrade, no clear timeline.” (Trustpilot, January 2025)

VI. Media and Third-Party Reviews

• FXEye : Risk index is high, marked as unregulated.

• FX110 : The number of complaints exceeds 200, involving withdrawal obstacles and hacker compensation issues.

• Trustpilot : Rated only 2.2/5, with negative user reviews focusing on withdrawals and security.

• Twitter/X : The hashtag #BitMartScam appeared multiple times, with investors openly raising questions.

7. On-chain Funding and Transparency

• SlowMist report : BitMart hot wallet experienced abnormal transfers in 2023, with funds flowing to high-risk addresses.

• PeckShield data : insufficient reserve transparency and high fund concentration.

• Community question : BitMart has not yet released any reserve proof or audit report.

⚠️Potential Risk : If users withdraw funds on a large scale, BitMart will find it difficult to cope with the bank run.

8. Comparison with Compliant Exchanges

📌 Conclusion: BitMart lags behind mainstream exchanges in terms of compliance, fund security, and user reputation .

IX. Lack of investor protection

• No compensation fund

• No third-party audit

• No independent arbitration mechanism

• User rights protection relies solely on internal customer service

10. Risk Warning Conclusion

1. Major security incidents : Hacking incidents in 2021 caused $196 million in losses.

2. No regulatory compliance : Lack of authoritative financial licenses.

3. Withdrawal barriers are serious : users generally complain about pending or frozen withdrawals.

4. Negative word-of-mouth is prominent : complaints on Trustpilot and FX110 continue to increase.

5. Lack of transparency : no proof of reserves, and abnormal funds on the chain.

⚠️Final conclusion : BitMart is a high-risk exchange and is not suitable as a long-term storage channel for funds.

📌Investor reminder : Please choose a compliant exchange (such as Coinbase, Kraken, Binance) that is regulated by mainstream regulators, has transparent funds, and has smooth withdrawals .