BitMart founder Sheldon Xia denied allegations he had disappeared with customer funds as the cryptocurrency exchange moves toward shutting down. Xia said the firm is conducting an asset inventory, consolidating assets and maintaining systems, and will issue official notices in sequence. His statement did not include a reserves report or a withdrawal timetable. BitMart announced on July 26 it would orderly close the platform, after users complained about access and withdrawals.

The crypto industry is restructuring as revenue concentrates in a small number of protocols, pushing the market into what was described as its biggest consolidation phase. Ark Invest analyst Lorenzo Valente said selective investment has made funding harder for projects and exchanges with weak product-market fit, leading to shutdowns and revenue pooling. Hyperliquid and Pump.fun account for about 67 percent of app revenue, and adding Ethena brings the top three close to 80 percent.