Bitmart

BitMart
Company type
Private
Founded2017
HeadquartersGrand Cayman, Cayman Islands
Area served
180+ Countries Worldwide
ProductsTrading and Investment Management Platform
ServicesDigital Asset Trading, Peer-to-Peer Marketplace
Websitebitmart.com

BitMart is a digital asset trading platform that focuses on cryptocurrency trading, operated by bachi.tech in the Cayman Islands. It is known for a 2021 security breach in which two-thirds of its assets were stolen. It was the subject of the Federal Trade Commission's first cryptocurrency probe in 2022.

History

BitMart was founded in 2017 by Sheldon Xia and specializes in providing tools for buying, selling, and trading to individuals and institutions.[1] It is operated by bachi.tech[2] and based in the Cayman Islands. Public operations began in 2018 when Bitmart was first registered with FinCEN[3] and introduced credit/debit card deposit services through third-party partners, enabling fiat deposits.[4]

In August 2019, Bitmart raised funds in a Pre-A round led by Fenbushi Capital, a blockchain-focused venture capital firm.[5][6] Bitmart completed a Series B fundraising round led by the New York-based private equity firm Alexander Capital Ventures in November 2021.[7] In September 2025, BitMart introduced the BitMart Card, a Visa-branded debit card that allows users to spend cryptocurrency at merchants and earn tiered cashback.[8] In 2025, BitMart was listed by U.S. News & World Report among recommended cryptocurrency brokers for retail investors.[9]

On January 21, 2026, UNICEF Luxembourg announced a partnership with digital asset platform BitMart to support the Passport to Earning initiative, providing financial literacy and digital skills training to youth aged 15 to 24 in Brazil.[10]

Security breach

In December 2021, BitMart suffered a security breach in which approximately US$196,000,000 in cryptocurrency was stolen after hackers used a compromised private key to drain two hot wallets linked to the exchange.[11][12] According to its security firm, the attackers used decentralized exchange aggregator 1inch to swap the stolen tokens for ethereum, then routed the funds through privacy mixer Tornado Cash to obscure their identities.[13]

BitMart halted withdrawals but kept trading of affected tokens open, and pledged to reimburse all affected users, stating that customer funds were "safe and unharmed."[11][14] Five weeks later, users reported they had not been repaid. Some pointed to the exchange's recent Series B round of US$13,700,000 at a US$300,000,000 valuation as evidence it lacked the liquidity to cover withdrawals.[14] The Los Angeles Times reported that the deposits were covered by insurance.[15]

In 2022, the Federal Trade Commission opened its first-ever cryptocurrency investigation into BitMart over the lost customer funds.[16] The case was dismissed in 2023.[17]

References

  1. ^ Antiporovich, Nicolás (2022-10-13). "Conoce BitMart, un exchange para hacer trading con bitcoin y más de 1.000 criptomonedas". CriptoNoticias - Noticias de Bitcoin, Ethereum y criptomonedas (in Spanish). Retrieved 2026-03-10.
  2. ^ Nylen, Leah (August 10, 2022). "FTC Probes BitMart Exchange Breach, Marking Agency's First Crypto Case". Bloomberg.
  3. ^ "Meet BitMart Exchange - Global Digital Asset Trading Platform With Over 540,000 Users Worldwide". SuperbCrew. 2019-01-12. Retrieved 2026-03-10.
  4. ^ CryptoNinjas (2018-07-25). "BitMart's Mission X: The Community Listing Market – "0" Listing Fee". CryptoNinjas. Retrieved 2026-03-10.
  5. ^ CryptoNinjas (2019-08-08). "Crypto exchange BitMart receives investment from Fenbushi Capital". CryptoNinjas. Retrieved 2026-03-10.
  6. ^ "BitMart secures "millions of investment" from Fenbushi Capital". TokenPost. 2019-08-09. Retrieved 2026-03-10.
  7. ^ Singh, Manish (2021-11-09). "Crypto exchange Bitmart in talks to raise at $300 million valuation". TechCrunch. Retrieved 2026-03-10.
  8. ^ "Best crypto cards with token rewards in 2026". The Block. Retrieved 2026-03-10.
  9. ^ "BitMart Review". U.S. News & World Report. Retrieved 2 June 2026.
  10. ^ "BitMart Supports UNICEF to Advance Youth Financial Literacy and Employability in Brazil". UNICEF Lëtzebuerg (in French). Retrieved 2026-03-10.
  11. ^ a b Sigalos, MacKenzie (2021-12-05). "BitMart says it will compensate victims of $196 million hack and restore trading by Tuesday". CNBC. Retrieved 2026-01-04.
  12. ^ Vigna, Paul (2021-12-07). "Why Companies Shouldn't Shame Employees Who Fall for Hacking Scams". Wall Street Journal. ISSN 0099-9660. Retrieved 2026-01-05.
  13. ^ Gkritsi, Eliza (2021-12-06). "BitMart CEO Says Stolen Private Key Behind $196M Hack". CoinDesk. Retrieved 2026-01-05.
  14. ^ a b Sigalos, MacKenzie (2022-01-07). "Iranian immigrant lost $53,000 in crypto hack, says he faces ruin if BitMart doesn't pay him back". CNBC. Retrieved 2025-02-05.
  15. ^ Healey, Jon (2021-12-24). "A beginner's guide to cryptocurrency". Los Angeles Times. Retrieved 2026-01-05.
  16. ^ Cite error: The named reference :1222 was invoked but never defined (see the help page).
  17. ^ "Semiannual Federal Court Litigation Status Report" (PDF). FTC. 2023-12-31.

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