Please be nice. Whatever you want me to do I will do! Be the top comment and I’ll do whatever you tell me to do. That simple

After today's meeting with industry leaders, crypto is going to skyrocket again for everyone. Enjoy the ride.....

https://x.com/ChainLinkGod/status/2090162795077845464?s=20

This happened today (Surgey Nazarov from Chainlink) for the second time in a year, and the market hardly notices. Pretty strange.

Anyways, Chainlink is going to be core technology not only for crypto (and it's already integrated with most of the biggest blockchains) but also for banking, securities, tokenization in general.

I've said it before and I'll keep saying it: Chainlink is going to legitimize parts of crypto from pointless jokes like Dogecoin and pretenders like XRP and ADA to something that has demonstrable and obvious real world utility.

I would not sleep on this.

A friend (genuinely) received about 2.5k worth of Ethereum to their phantom wallet. They've no idea where it came from. They've already successfully converted it to cash. There's surely no one out there sending 2.5k for dusting/address-poisoning scams. So far, no one has made contact looking to engineer a "refund" (thought not sure how they would).

What's the scam here, or is it most likely a mistake and someone just sent to the wrong address (in which case they should send it back, but that's his call)?

Making some moves today, but the reality is that this will likely continue to chop around the lows here for a couple more months. Me personally, I'm hoping to see a leg down leading to a slightly lower low or at the very least revisiting the high 50ks or so to be able to deploy the remaining cash I have in reserve. This bear market is getting very close to being done and it will not take long for things to turn bullish again. There's a lot that can happen within the next 12-16 months, I wouldn't be surprised to see BTC break back above 100k within this time frame and flirting with the ATH or even setting a new one.

Don’t upvote unless you want to risk getting banned.

https://preview.redd.it/iasehxd4tckh1.png?width=1394&format=png&auto=webp&s=68b760f77c5ffc72dd87a4dc97a36361378e2fd3

TL;DR

How much is left? - $1.95M in assets that can actually pay a withdrawal, shrinking by a net $75K a day.

Can you get the rest back? - Nobody can honestly tell you yet. There is no proceeding open anywhere, and three companies in three jurisdictions sit behind the account you opened.

What should you do now? - Get your records out today, before the export button disappears, creditors are starting to organise.

https://preview.redd.it/rwhk2zd4tckh1.png?width=2048&format=png&auto=webp&s=5d6c08410d77360c3188757cea497a85e0ab9116

What's there

Known wallets for Bitmart

Four of these addresses are published by BitMart itself; the rest are labelled as BitMart on public block explorers and analytics sites (Arkham, Tronscan, BscScan).

>Got a withdrawal from a wallet not listed here?

If you received BitMart funds from an address that isn't in our table, share the transaction in the group - every new wallet added means more of the money gets tracked.

What is worth?

Bitmart holdings per chain

How $13.2M on paper becomes $1.95M in practice

Bitmart holdings by type of asset

Money in, money out

Bitmart flows

In 41 days (2 July to 12 August) these wallets processed $49.1M out and $42.9M in; the net change is $6.26M less, about $153K a day. 

Where the money went

• Binance deposit addresses: $3,769,666 across 131 transactions - the largest destination we can name
• An address publicly tagged as Wintermute, a market maker: $1,286,884 across 2 transactions, both on 6 July, three weeks before the wind-down was announced
• Everything we can put a name on: 10.9%
• The other 89.1% went to addresses no public source can name

That 89.1% is 14,404 separate payments to 6,469 different addresses, none receiving more than 2% of them. The pattern looks like user withdrawals being paid out.

One of those destinations is not a user: $295,606 of withdrawals went to an address-poisoning scammer, an address Etherscan flags as such.

Another $17M on BNB Chain

Bitmart wallet on Arkham

Arkham, a blockchain analytics site, shows BitMart holding another $17.13M on BNB Chain - but nobody had published which addresses, and none of the addresses BitMart itself disclosed hold any of it.

We went through the complete transfer history of WFI, the biggest token in that pile, and found them: three addresses, matching Arkham's figure almost exactly, all three labelled as BitMart wallets on BscScan. Together with the BSC address in the table they hold $14.5M; the remaining $2.6M sits on BitMart addresses nobody has found yet.

The one pot nobody can check is cold storage. BitMart's cold funds sit with a custodian called Cobo, in one shared pool with Cobo's other clients. There is no way to tell from outside which part is BitMart's, any cold-storage figure is taking their word for it.

Who are you claiming against

BitMart announced the wind-down on 26 July. That was 22 days ago, and there is still no liability disclosure, no proof of reserves, and no formal proceeding anywhere. Withdrawals keep being paid from the wallets above.

Bitmart legal entities

The one you contracted with

GBM Global Inc., Marshall Islands, registration number 134925. That is the counterparty named in the user agreement - which then picks Cayman law and requires disputes to go to individual arbitration in the US, no class actions. The Marshall Islands has no bankruptcy law: nothing to file under, no petition a creditor can bring there. What it does have is a law recognising insolvency cases opened elsewhere. A case cannot start there, but a case started elsewhere can reach the entity.

The holding company

GBM Global Holding Company Limited, Cayman Islands. Cayman has a real winding-up court, and it is already in use here: court records show a file opened in December 2025 involving this company and unidentified persons operating BitMart.

Can there still be a liquidation?

Yes. A liquidation is a court process - it only needs a judge and unpaid creditors. Creditors of a Cayman company that cannot pay its debts can ask the court to wind it up, licensed or not, and the court can appoint liquidators to take control of what is left. A Cayman case can then be recognised in the US and in the Marshall Islands, so it can reach the other entities too. The condition is the entity question above: your contract names the Marshall Islands company, and whether the claims reach the Cayman one is the first thing a lawyer would have to establish.

Is any regulator responsible?

Almost nowhere. In Cayman, the regulator put it in writing on 6 August: BitMart and its related companies were never licensed or authorised there. For most users that is the position: no watchdog has a duty to act for you, so a case begins only if creditors begin it.

The open question is Australia. On 24 June - 32 days before announcing the wind-down - BitMart announced it had secured an Australian Financial Services Licence. It has never said which company holds that licence. On ASIC's public register nothing is listed under the name BitMart, the announcement cannot be matched to any licence.

One exception: European users contracted with a fourth entity, GBM Global UAB in Lithuania, per BitMart's own announcement - the one entity of the four that sits inside a real supervisory system.

So they just walk away?

A company cannot dodge bankruptcy just by never filing - in the US, the people it owes can start the case themselves. It takes three creditors, owed about $21,000 between them in total, to ask a court to open one.

Why speed matters: when a bankruptcy case opens, the court can reverse payments the company made shortly before it - by default anything in the 90 days before the case, longer for some transfers. That clock counts back from the day the case opens, not from today. So the $49M that left these wallets in July is money a court could still reach - but only if a case opens soon. Every week nothing is filed, more of it slips out of reach for good. After freezing withdrawals, FTX filed in 3 days, Voyager in 4, Celsius in 31. BitMart is at 22 days and no filing.

Days from freezing to bankruptcy

Filing is not payment. Mt. Gox froze withdrawals in February 2014 and started distributing in July 2024.

One clause worth reading now: section 2.7 of the user agreement says your assets "shall at all times remain with you" and are "not subject to claims of BitMart's creditors". Section 2.7.4 then removes any duty to keep them at separate addresses. Whether 2.7 holds up depends on whether your coins were kept apart or mixed with everyone else's - which is exactly what the Cobo pool stops anyone from checking.

None of these routes is self-service: lawyers open them, groups fund them, courts decide them. Nothing here is legal advice.

What to do now

1. The creditors are organising

One creditor writing emails gets ignored; an organised group does not - and a group is also what makes a lawyer affordable. In every comparable case, the users who recovered anything had organised before there was any proceeding to organise around. FTX's international customers retained counsel in December 2022, the same month the official committee was appointed.

2. Save your records today

Export access disappears without warning, and missing records are the most common reason claims get rejected. Every past claims process asked for the same things:

• Full trade history - from account opening, not the last 90 days
• Full deposit history, with each on-chain transaction hash
• Full withdrawal history, hashes included, failed and pending ones too
• Screenshots of your balance page, date visible - one today, one whenever it changes
• Every email and support ticket with BitMart
• Your KYC documents and the exact registered details, so the claim matches the account

Store it all outside the exchange. Balances get measured as of a filing date nobody knows in advance.

3. If you're withdrawing, check the full address

Address poisoning plants a lookalike in your transaction history: same first and last characters, different middle. BitMart pays whatever address you submit. Verify the whole string - $295,606 of withdrawals already went to one such address in three weeks.

What we do next

We keep watching these wallets daily and post updates as balances change. We keep the evidence: every figure here traces back to transaction records, and those records matter in any future proceeding. And if BitMart never files for bankruptcy itself, we will help creditors move on a lawsuit.

Salut ! Je ne suis pas sûr d'être au bon endroit pour poster ça, mais je tente quand même ma chance 😅. En gros, j'ai commencé à m'intéresser aux cryptomonnaies, à la cryptographie et à la technologie blockchain il y a environ deux ans. J'ai regardé pas mal de vidéos YouTube et lu beaucoup de documentation sur le sujet. Il y a environ un mois et demi, j'ai commencé à développer ma propre blockchain et son jeton associé ; j'y ai consacré beaucoup de temps – une bonne partie de mes vacances, d'ailleurs. J'ai aussi testé le système en profondeur. Cependant, j'aimerais avoir un avis extérieur. Le problème, c'est qu'on ne trouve pas de développeur blockchain partout, et encore moins un qui travaille gratuitement pour plus de 10000 lignes de code (je ne veux pas dépenser d'argent pour ça, et je ne suis pas sûr que mes parents approuveraient, vu qu'ils ne savent même pas que je développe une blockchain). J'espère que c'est clair, alors n'hésitez pas à me demander plus de détails.

From what I've read, it seems like the bulk of them are stored in two custodial institutions:

Coinbase and Fidelity Custody.

I looked up how they both work:

On Coinbase they are said to be using Coinbase Prime. Which is like a service for high level customers.

Basically, Coinbase Prime uses its own cold storage kept offline by Coinbase, in the form of hardware wallets, and use multi-signatures on behalf of their customer.

Coinbase promises also that the cash balances of those accounts are kept 1:1 with their partner crypto banks.

On Fidelity they say they keep 98% of their clients Bitcoins in cold storage. The hardware wallets are kept in vaults with electromagnetic shielding, guarded by 24 hour security. They also use multi-signatures.

Some of the key weak points I'm seeing:

Custodial storage still depends on trusting that institution.

Nobody really knows how many people have access to the keys and multi-sig.

Neither of these institutions has been able to show proof of reserves.

These institutions are not immune to government seizures on suspicions about your funds.

There are still multiple potential weak points with the app access, hardware wallet, institution's own security.

These high security cold wallet vaults have still shown in the past that they are not completely immune to exploits, like with Zilliqa, Bitfinex, QuadrigaCX.

Employee exploit can still be an issue. Like that time when a Coinbase employee was bribed to get the customer's logs and details.

There is the issue of these large cash balances needing a functioning crytpo bank to get your funds. Even if the coins were safe on-chain, the institution still needs to get the funds out of their crypto bank to pay you. If there is a crypto bank failure, and the exchange was to fail, they won't have the cash to pay you. Crypto assets and stablecoins do not qualify for FDIC insurance.