BitMart under pressure to explain: SNC SCANDIC COIN withdrawals still without a TXID after eight days
BitMart under pressure to explain: SNC SCANDIC COIN withdrawals still without a TXID after eight days
SCANDIC COIN (SNC) is once again calling on the cryptocurrency exchange BitMart to process three outstanding withdrawals from the authorised institutional account without delay, or to provide a full, written and transaction-specific explanation for their continued non-processing.
Four PDF documents saved on 3 August 2026 from the BitMart account interface:
1: https://image-hha.imageproxy.bid/uploads/FireShot_Capture_030_-_BitMart_-_Cryptocurrency_Exchange_-_Buy__sell_Bitcoin,_Ethereum,_Tet__-_www.bitmart.com.pdf
2: https://image-hha.imageproxy.bid/uploads/FireShot_Capture_027_-_BitMart_-_Cryptocurrency_Exchange_-_Buy__sell_Bitcoin,_Ethereum,_Tet__-_www.bitmart.com.pdf
3: https://image-hha.imageproxy.bid/uploads/FireShot_Capture_028_-_BitMart_-_Cryptocurrency_Exchange_-_Buy__sell_Bitcoin,_Ethereum,_Tet__-_www.bitmart.com.pdf
4: https://image-hha.imageproxy.bid/uploads/FireShot_Capture_029_-_BitMart_-_Cryptocurrency_Exchange_-_Buy__sell_Bitcoin,_Ethereum,_Tet__-_www.bitmart.com.pdf
provide specific transaction data in this regard. These PDF records show the details of the pending withdrawals; a fourth page confirms that BitMart had approved the institutional verification of the operating company, which is why the withdrawals must not fail any KYC/KYB or AML checks under any circumstances.
BitMart’s own records show three withdrawals that remain unprocessed
The detail pages were backed up on 3 August 2026 between 07:15:28 and 07:20:09. For all three withdrawals, the ETH network is shown: Transaction 31942705 – USDT, ETH network; created on 26 July 2026 at 08:54:11; amount shown 21,898.086448 USDT; fee shown 3.1; no completion date; 0 of 12 confirmations; status ‘Processing’; TXID ‘No Record’.
Transaction 31943017 – SNC, ETH network; created on 26 July 2026 at 09:07:20; amount shown: 926,634.6 SNC; fee shown: 18; no completion date; 0 out of 12 confirmations; status: ‘Processing’; TXID: ‘No Record’. Transaction 31944747 – USDT, ETH network; created on 26 July 2026 at 10:14:45; amount shown 255.704753 USDT; fee shown 3.1; no completion date; 0 out of 12 confirmations; status ‘Processing’; TXID “No Record”.
The two USDT records together total exactly 22,153.791201 USDT; in addition, there are 926,634.6 SNC. At the time of the backup, none of the three detail pages showed a completion date or a blockchain transaction ID. All records remained at 0 out of 12 network confirmations. Judging by the creation and backup times visible in the PDFs, the withdrawal requests had been pending for almost eight days at that point.
A smaller SNC withdrawal, on the other hand, is shown as successful
The ‘Recent Withdrawals’ overview visible on the same BitMart pages also shows transaction 31944807 for 4,332.39 SNC. This withdrawal is shown as having been completed on 27 July 2026 at 11:40:33, with 12 out of 12 confirmations and the status ‘Succeed’. This entry does not explain why the three larger withdrawals have still not been processed. However, it does document that, during the relevant period, BitMart recorded at least one other SNC withdrawal as having been successfully completed. This is precisely why a specific explanation is required as to why transactions 31942705, 31943017 and 31944747 were treated differently and had not even been assigned a TXID by 3 August.
The institutional account had been approved by BitMart
A fourth BitMart page, archived on 3 August 2026 at 07:23:24, explicitly confirms the approved institutional verification. Among other things, BitMart lists higher deposit and withdrawal limits, the option to set up up to 50 sub-accounts, and uninterrupted VIP customer service as benefits of institutional status. SCANDIC COIN explains that the assets in question were funded by the operating company via a bank transfer from its German business account to BitMart and are economically attributable to the company. According to the company’s account, these are not open trading positions nor are they assets that belong economically to BitMart. Approved institutional verification excludes a lawful, transaction-related audit in accordance with anti-money laundering, sanctions, security or risk regulations. A blanket reference to compliance would therefore not address the specific facts visible on BitMart’s own platform.
A public explanation was already demanded on 28 July 2026
The withdrawal issue was not first made public on 3 August. As early as 27 July 2026, SNC SCANDIC COIN had publicly documented the outstanding withdrawals and expressly demanded an immediate explanation from BitMart https://www.hamburgeranzeiger.de/en/Economy/710079-bitmart-under-pressure-22000-usdt-and-930000-snc-still-not-released-after-48-hours-is-bitmart-running-out-of-funds.html – this has still not happened to date, so one must assume that there are apparently no staff left at BitMart to respond to press enquiries!
The demands were either for the immediate release of the assets or for a detailed written explanation setting out the specific legal, compliance-related, technical or security-related reason, as well as a binding completion date. BitMart was thus publicly and unambiguously confronted with the specific questions by 28 July at the latest: Why had the payout not been completed? When will the assets be released? And does the platform still have the operational and financial capacity to fulfil legitimate withdrawal requests in full?
According to SCANDIC COIN, BitMart had still not provided a case-specific explanation as of today, 3 August 2026. Several days after the public request, BitMart’s own website still shows the three transactions at 0 out of 12 confirmations, with no completion date and no TXID. The lack of a specific response is therefore not merely a minor communication issue, but a key part of the documented process.
The specific circumstances could strongly suggest that this is not a normal, orderly cessation of business operations
BitMart itself described the closure of its trading platform as an orderly, transparent and responsible process and stated that the withdrawal service would remain available. It is precisely against these own commitments that the practical handling of the matter must be measured. An orderly closure presupposes that, in the event of an exceptionally long delay, a verified institutional client receives a concrete, comprehensible and verifiable explanation in a timely manner.
If three precisely identified withdrawals totalling 22,153, 791,201 USDT and 926,634.6 SNC remain stuck without a TXID after nearly eight days, and an explanation publicly requested as early as 28 July has still not been provided by 3 August, this could strongly suggest that the specific process can no longer be classified as a normal and orderly winding-up of business operations. This does not in itself prove either insolvency or the unlawful misappropriation of assets. However, it gives rise to substantial, objectively verifiable doubts as to whether BitMart’s announced orderly and transparent winding-up is actually being implemented in this specific case. BitMart must now provide concrete evidence rather than general assurances
SCANDIC COIN therefore calls on BitMart to immediately:
1. to execute transactions 31942705, 31943017 and 31944747;
2. to provide the full TXID for each executed blockchain transaction;
3. to explain precisely why no blockchain transaction has been generated to date, if this remains the case;
4. to confirm in writing whether the assets represented by the three withdrawal records are fully available to the operating company of SNC SCANDIC COIN;
5. to explain why the smaller SNC transaction 31944807 is shown as having been successfully completed, whilst the three larger withdrawals remain at 0 out of 12 confirmations;
6. to explain why the clarification publicly requested as early as 28 July 2026 had not been provided by 3 August 2026, and to specify a binding deadline for its provision.
STATEMENT FROM THE OPERATING COMPANY OF: SNC SCANDIC COIN
“An orderly winding-up, such as the one BitMart grandly and publicly claimed to be ‘orderly’, must also be orderly in practice.” SNC SCANDIC COIN had already publicly and unequivocally called on BitMart to provide a specific explanation on 28 July 2026. To date, 3 August 2026, to the best of our knowledge, BitMart has provided us with neither the TXIDs nor a satisfactory, transaction-specific explanation. BitMart’s own pages show three precise transaction numbers, exact amounts, exact creation times, 0 out of 12 confirmations, the ongoing ‘Processing’ status and no TXID. The same overview shows a smaller SNC payout as having been successful, whilst the three larger orders remain outstanding. An orderly winding-up of business operations must also be orderly, transparent and traceable in practice. Nearly eight days without any blockchain transactions and several days without a response to a public request could strongly suggest that this can no longer be described as a normal settlement process. We demand not speculation, but verifiable facts and the immediate release of our own assets; anything else would constitute deliberate misappropriation and theft. Should this be the case, a criminal complaint would be filed, accompanied by a public media appeal and the publication in the media of photographs of the responsible operators of BitMart.” SCANDIC COIN / SNC: [email protected]
