Hong Kong · South Korea · Cointelegraph
‘Fabricated rumors’ about BitMart founder, Binance bStocks dominate: Asia Express
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Binance’s bStocks are the second largest tokenized stock issuer two months after launch, and BitMart’s internal feud erupts into the spotlight ahead of its closure.
Key facts
- BStocks reached about $624 million on Aug. 3, surpassing xStocks at roughly $579 million but trailing Ondo Finance at about $927 million, according to Token Terminal data
- Metaplanet CEO Simon Gerovich has shut down speculation that the Japanese Bitcoin treasury company is selling its holdings after the company transferred 5,014 BTC ($322 million) over a 24-hour span
- A year earlier, xStocks led with $40.7 million, followed by Robinhood at $37.2 million, while Ondo held about $65,000
- Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end
Summary
BitMart’s official Chinese-language X account has publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan. It said some users were unable to withdraw funds and some employees have not received their final salary or compensation and threatened Xia that if he does not provide a verifiable asset disclosure and repayment plan by the deadline, it would continue to submit evidence to regulators, law enforcement, lawyers and the media. Xia called the claims in the post “fabricated rumors” and promised a counter-attack. “The team have collected full evidence of the content on X, all of which is fabricated rumors.