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BitMart founder denies fund claims as tokenized stock market reshapes fast
Binance’s bStocks climbed to about $624 million as of Aug. 3, helping lift the total value tracked in tokenized stocks from roughly $80 million to about $2.7 billion, according to Token Terminal data.
BitMart’s founder Sheldon Xia is facing public allegations from the exchange’s Chinese-language X account, which demanded he explain the whereabouts of user funds and provide a repayment plan. The post also said some users could not withdraw funds and some employees had not received their final salary or compensation.
Cointelegraph reports that Xia rejected the claims as “fabricated rumors,” and said he would file a police report during US daytime and send a lawyer’s letter to X, while promising counter-action. The same report says BitMart warned it would keep submitting evidence to regulators, law enforcement, lawyers and the media if a verifiable asset disclosure and repayment plan are not provided by a deadline.
Beyond BitMart, Cointelegraph highlights rapid shifts in tokenized stocks. It reports that Binance bStocks became the second-largest tokenized stock issuer by value in less than two months, reaching about $624 million on Aug. 3, up from roughly $579 million for xStocks.
According to Token Terminal data cited by Cointelegraph, the tracked tokenized stock market value surged from about $80 million a year earlier to around $2.7 billion, with Ondo Finance sitting at about $927 million at the time of the comparison.