BMX token recovers from July 24 crash as Bitmart withdrawal delay rumors spread

After a collapse wiped out more than 60% of its value in one day, BMX, the ecosystem token of BitMart exchange, has made a slight recovery. 

However, traders across Chinese and Vietnamese crypto channels are saying that withdrawals from the exchange are running slowly.

How far did BMX crash, and how much has it recovered?

BMX currently changes hands near $0.163, according to CoinMarketCap, which is a rise of over 44% in less than 24 hours after it traded as low as $0.107. 

That recovery follows the July 24 sell-off, which was flagged by various observers, including X user Lu Ge with the account @lugeweb3 (撸哥整顿币圈), who pegged the single-day loss at 63% and told followers with money on the platform to pay attention. 

Per Cryptopolitan’s calculations, the token dropped by over 65% within hours. 

Lu Ge gave two possibilities that may be responsible for the crash, stating that it could be either that the platform was hacked or someone connected to it dumped supply.

Despite its partial recovery, BMX is still below its June 2024 record of $0.6203 by nearly 74% per CoinMarketCap data and carries a market capitalization of $52.8 million as of the time of publication.

What are users reporting about withdrawals on BitMart?

The price story is now tangled with a second thread, which is withdrawals from the exchange.

X user The KOL 加密无畏 (@cryptobraveHQ) wrote on the platform on July 25 that after BMX cratered, community members began reporting that withdrawal reviews were taking far longer than usual, including one case where a several-hundred-dollar USDT withdrawal requested in the morning still had not landed. 

Other reports confirmed the same thing, with some suspecting that it is a suspected anomaly in the platform’s withdrawal process rather than a confirmed outage.

X account, @BTCs_, stated that a 5 USDT withdrawal took more than three hours to clear, calling it something he had never seen. Another user, @solotop999, posted that an untouched Bitmart account he tried to empty returned an on-chain withdrawal freeze message. 

Lu Ge followed up, asking users to test their own withdrawals and report back, and noted a wave of near-identical promotional posts from marketing accounts, which he read as a bad sign rather than a reassuring one.

What has BitMart said about the development? 

BitMart has not released any official statement about the token crash or the withdrawal challenges some of its users claim to be experiencing.

For now, Bitmart still shows meaningful scale. CoinMarketCap lists about $1.29 billion in 24-hour spot volume for the exchange and reported reserves near $158 million. On July 17, the company published an H1 2026 report describing asset-management growth of roughly 256% and expansion into payments, prediction markets, and US operations. 

That report predates this week’s events and does not address the token drop or the withdrawal complaints.

The smartest crypto minds already read our newsletter. Want in? Join them.