BitMart processes 300 ETH withdrawals per hour amid wind-down chaos

BitMart, one of the longer-running centralized crypto exchanges, is processing roughly 300 ETH withdrawals per hour as users race to extract their assets following the platform’s announcement that it will permanently shut down operations. The withdrawal pace, while steady, has been punctuated by temporary freezes and processing delays that have left users frustrated and anxious about the fate of their funds. The exchange dropped the news on July 26, revealing plans to wind down all operations in a staggered timeline. New registrations and deposits were frozen immediately, at 01:30 UTC that same day. All trading will cease on August 26 at 01:00 UTC. Full operational shutdown is slated for January 31, 2027. A slow-motion exit, not a collapse BitMart framed its decision as the result of a thorough review of its operations and market strategy, citing changing market dynamics. The exchange has been around for nine years, which in crypto terms makes it practically ancient, but longevity alone doesn’t guarantee viability. ETH withdrawal activity surged to its highest level since July 2025 following the announcement, according to CryptoQuant data. In the first 24 hours after the news broke...