According to Odaily Planet Daily, crypto KOL Phyrex published an article on the X platform stating, "BitMart and BitMex didn't collapse due to a financial crisis, unlike FTX's tragic fate. These two companies primarily faced business problems." He revealed that BitMart approached his associates in 2023 to discuss acquisition, and extensive data analysis was conducted, but the deal ultimately fell through. He believes that the decline of many third-tier exchanges is partly due to the impact of Binance Alpha. Small exchanges are often the breeding ground for altcoins, Ponzi scheme coins, pyramid scheme coins, and community coins, but Alpha provided these coins with better listing options, leading to a significant reduction in listing fees and profits for coordinated manipulation on third-tier exchanges. Another reason is the existence of "trading advisors." While the total number of these advisors isn't large, their followers are constantly changing. These advisors essentially move between exchanges, quickly switching groups whenever a new exchange offers better profits. Several recently notorious exchanges that have absconded with funds largely followed this pattern.

Odaily Planet Daily reports that BitMart Global CEO Nenter Chow posted on the X platform that he was informed on July 24th that his position as Global CEO would be terminated and that he would immediately begin the resignation process. Chow stated that since July 24th, he has no longer been involved in BitMart's management or decision-making, nor has he participated in the company's discussions or decisions regarding the cessation of the trading platform's operations. He indicated that he only learned of the decision after BitMart's official announcement. Chow stated that his primary concerns are the security of BitMart users' assets and the resettlement of employees, and reminded users to only refer to official BitMart channels for account-related matters.

According to Odaily Planet Daily, in response to the details of Bitmart's official withdrawal announcement, Baki, an ambassador for the trading platform WOO X, posted on the X platform that "BitMart is restricting user withdrawals for 'security reasons,' and its decision to disable automatic withdrawals may prevent many users from withdrawing their funds. The platform has changed the withdrawal process to manual review, requiring users to submit account identity and KYC information verification, login device and IP address verification, account security status verification, withdrawal address and blockchain transaction risk review, fund source and transaction history review, Travel Rule compliance and sanctions screening, and other regulatory checks. Additional documents such as identity verification, address verification, fund source verification, or withdrawal address ownership verification may be required if necessary." Baki suggested that users with P2P options should use this channel to withdraw to their bank accounts; he also emphasized that the crypto market is not decentralized but controlled by a few large groups, exchanges, and funding parties.

Odaily Planet Daily reports that crypto KOL @tradermige posted on the X platform, stating, "The employees of Bitmart and BitMEX are all in a slack mode; no wonder they went bankrupt. I had a feeling." He said that Bitmart had offered him a commission rebate agency, but "everything was wrong; even the posters were poorly designed, full of errors," and he eventually left the group and blocked them. BitMEX contacted him offering trial funds, which couldn't be withdrawn, and required verification that he brought over 100 million in trading volume to the exchange each month; however, after he sent screenshots, they only responded three months later. He pointed out, "Exchanges with terrible customer service and business development teams basically go bankrupt because they are definitely owed wages; they're the kind that are too lazy to care about anything."