As BitMart moves toward a planned wind-down, customer withdrawals are becoming the market’s most immediate stress test. Blockchain analytics account Lookonchain reported that withdrawals appeared to slow significantly after the exchange announced operational restrictions tied to its closure timetable.

On Monday, Lookonchain said it observed 58 wallets withdrawing roughly $805,000 in more than 24 hours. It also claimed BitMart processed no withdrawals during the latest eight-hour window it tracked, while some users on X described delays and account warnings related to withdrawal processing.

Key takeaways

• Lookonchain reported only 58 withdrawals totaling about $805,000 over 24+ hours, with no withdrawals during an eight-hour period tracked.
• Some users on X claimed they received “completed” withdrawal emails despite on-chain withdrawal freezes or pending transactions.
• BitMart has said withdrawals remain available, but requests may face additional compliance and security reviews.
• BitMart’s wind-down includes ending trading services on Aug. 26 and ceasing operations entirely on Jan. 31, 2027.
• On-chain data cited by Arkham suggests BitMart-linked wallets held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6.

Withdrawal activity under scrutiny

The clearest measurable signal so far comes from Lookonchain, which framed Monday’s results as a slowdown in outflows from BitMart. In its report on X, it did not present a verified explanation for the pause, but the figures—58 withdrawing wallets totaling approximately $805,000 over 24 hours—highlight a stark contrast to the normal behavior many exchanges see during stable operating periods.

Lookonchain also added that BitMart did not process any withdrawals during the final eight hours of its tracking window. If the pattern holds, it would suggest that either fewer customers are attempting withdrawals or that outgoing transfers are being held back by internal checks.

That uncertainty is compounded by user reports. Two X posts described issues that could align with additional screening or operational constraints. One user said an email indicated a USDT withdrawal had been completed even though they claimed no transaction had appeared and their account displayed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal remained pending for more than 30 minutes.

These individual accounts have not been independently verified, but they are consistent with the kind of operational friction customers often expect when an exchange is preparing to wind down—particularly when withdrawals are still enabled but processing may be gated.

BitMart’s “orderly” wind-down and what it means for customers

BitMart has previously stated that withdrawals will remain available, while warning that requests may face additional compliance and security checks. According to the exchange’s published notice regarding the orderly cessation of operations, these reviews can include examinations of customer identities, login devices, withdrawal addresses, trading histories, and sources of funds.

The notice also indicates the exchange may request proof of identity, address, source of funds, or ownership of the receiving wallet. For customers, this matters because even when withdrawals are technically possible, the timing can vary depending on whether an account or transaction triggers enhanced verification.

In that context, the key question for users is not only whether withdrawals are enabled, but whether the promised “orderly” wind-down translates into predictable processing for the remaining volume. If withdrawal handling stays consistent, the episode could remain contained. If delays broaden—or appear uneven across customers—it could intensify confidence concerns.

Cointelegraph attempted to contact BitMart for comment, but did not receive a response before publication.

Trading shutdown dates and the broader market backdrop

BitMart’s wind-down plan has already been laid out. Earlier, the exchange announced it would stop accepting new registrations and deposits and would restrict new spot orders and futures positions. Trading services are scheduled to end on Aug. 26, with the platform expected to cease operations entirely on Jan. 31, 2027.

As that timeline approaches, analysts and investors typically watch for two related indicators: whether customer funds can exit efficiently, and whether the exchange’s remaining token ecosystem reflects mounting pressure.

Arkham-identified wallets attributed to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6, according to the entity’s on-chain listing. While this does not, by itself, prove the pace of customer withdrawals, it provides a snapshot of the scale of assets tied to BitMart-linked addresses as the wind-down progresses.

Meanwhile, BitMart’s BMX token continued to struggle. CoinGecko data cited in the underlying reporting put BMX near $0.057 on Monday, after falling about 81.5% over seven days. The token was trading around $0.31 late Friday before the exchange’s shutdown became widely public.

The decline has also kept an eye on a separate but related issue: whether stronger exchanges might absorb smaller competitors during closures. Binance co-founder Changpeng Zhao previously commented that acquiring a centralized exchange can be more complicated than purchasing other types of businesses, because buyers could inherit security vulnerabilities left behind by previous teams, including potential backdoors. He said acquisitions remain possible but require greater scrutiny.

What to watch next for BitMart customers

For customers and observers, the next datapoints to track are straightforward: whether Lookonchain continues to show a near-total slowdown in withdrawals, whether pending and “freeze” reports on X persist across more accounts, and whether BitMart’s compliance checks translate into consistent processing times for approved requests. As trading winds down ahead of Aug. 26 and the cessation date approaches in 2027, withdrawal reliability will likely remain the single most important signal of whether confidence erosion stays contained or escalates into a broader exit narrative.

KB Kookmin Bank has expanded its blockchain strategy by preparing to launch a Kinexys-powered cross-border corporate payment service next month, becoming the first South Korean bank to use J.P. Morgan’s blockchain payment network for trade settlements.

South Korea’s Yonhap News Agency reported that KB Kookmin Bank plans to introduce the service through a partnership with Kinexys by J.P. Morgan, with the rollout scheduled for next month. 

According to the report, the bank will become the country’s first financial institution to adopt the blockchain payment network for corporate import and export settlements.

KB Kookmin Bank brings Kinexys to corporate payments

The upcoming service will be offered through KB Kookmin Bank’s domestic operations in South Korea as well as its Singapore branch, according to Yonhap. At launch, the bank plans to prioritize U.S. dollar transfers involving 10 countries: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa.

Kinexys is J.P. Morgan’s blockchain business that provides programmable payments, asset tokenization and near-real-time settlement for institutional clients. By connecting to the network, corporate customers will be able to process cross-border trade payments through blockchain infrastructure instead of relying entirely on conventional settlement systems.

The report did not disclose transaction limits or the categories of businesses that will receive access during the initial phase. It also did not specify whether additional currencies or countries will be added after the first rollout.

For KB Kookmin Bank, the planned launch adds another production deployment to a blockchain strategy that has gradually expanded across payments, fundraising and digital financial infrastructure rather than remaining limited to pilot programs.

Earlier blockchain projects have covered fundraising

The latest payment initiative follows another blockchain milestone completed by the bank earlier this year.

In June, KB Kookmin Bank completed a $100 million blockchain-based digital bond issuance, becoming the first South Korean bank to raise foreign-currency funding through distributed ledger technology, according to previous local media reports.

The two-year U.S. dollar-denominated bond was privately placed in Hong Kong and priced at the Secured Overnight Financing Rate, or SOFR, plus 0.4 percentage points. HSBC served as the sole bookrunner, while the issuance was carried out on Orion, the bank’s digital asset platform.

According to the bank, blockchain technology supported the entire bond lifecycle, including issuance, registration, trading and settlement. The new structure shortened settlement from five business days under conventional processes to three business days. A bank official told local media at the time that the approach simplified operational procedures while reducing settlement default risk.

The lender described the transaction as a practical application of blockchain technology for capital raising instead of a proof-of-concept exercise, placing it among the first production-grade blockchain fundraising deals completed by a South Korean commercial bank.

Blockchain development within KB Financial Group has also extended into consumer payments.

Earlier this year, KB Kookmin Card announced that it was working with Avalanche and OpenAsset to build a hybrid stablecoin credit card system. According to local outlet JoongAng Economy, cited previously by multiple industry publications, the design allows users to connect a blockchain stablecoin wallet to an existing credit card.

Under the patented payment structure, purchases are first deducted from the customer’s stablecoin wallet. If the available balance is insufficient, the remaining amount is automatically charged to the linked credit card while merchants continue receiving settlement through existing payment infrastructure.

Avalanche is expected to manage the blockchain portion of the system, including stablecoin issuance, wallet transfers and on-chain settlement, while KB Kookmin’s traditional card network continues handling authorization, clearing and merchant payouts.

According to earlier statements from the bank, customers will continue receiving existing card benefits and reward programs despite the addition of blockchain payment functionality.

South Korea’s banking sector has increased blockchain adoption

The latest Kinexys partnership also arrives as more South Korean financial institutions experiment with blockchain infrastructure under regulated frameworks.

Government-backed initiatives have already included KB Kookmin Bank among participating institutions. Earlier this year, South Korea’s Ministry of Economy and Finance selected a regulatory sandbox project that will use tokenized bank deposits for public-sector spending, with implementation planned for the fourth quarter of 2026.

Nine banks, including KB Kookmin, Shinhan, Woori and Hana, are participating in that program. According to the ministry, the system will connect the government’s Digital Budget and Accounting System with a distributed ledger network, allowing spending conditions to be programmed in advance while creating an auditable record of public fund usage.

Stripe’s stablecoin partnerships head, Connor Fitzgerald, has stepped down after helping build the company’s global stablecoin card program from launch to operations across more than 100 markets.

Connor Fitzgerald announced on X that last week was his final week at Stripe and its stablecoin infrastructure business Bridge, ending a tenure that began shortly after Stripe completed its acquisition of the stablecoin platform.

Fitzgerald said he joined Bridge one month after Stripe completed the acquisition, at a time when no company had built a stablecoin card program backed by a sponsor bank. He said his work focused on establishing the banking and card network relationships required to launch the program before expanding it internationally.

According to Fitzgerald, the early stages required building sponsor bank partnerships from scratch while working through regulatory and operational requirements on a market-by-market basis. He said the team also created the infrastructure needed to support global expansion.

Over the following year, Fitzgerald said the program reached more than 100 markets, introduced the first stablecoin settlement flow in the United States, and increased annualized payment volume from zero to tens of millions of dollars.

“I also got to work with some of the best people in fintech, many of whom became close friends, while seeing up close how Stripe builds and operates at scale,” Fitzgerald wrote.

Connor Fitzgerald served as Stripe’s head of partnerships, where he worked with payment networks, financial institutions, and fintech companies. During his tenure, Stripe expanded relationships with companies including Visa to support stablecoin-backed card issuance for wallet providers and fintech platforms.

His departure comes as Stripe continues expanding the payments infrastructure it has built around stablecoins following its acquisition of Bridge.

Bridge acquisition strengthened Stripe’s blockchain payments business

Stripe completed its roughly $1.1 billion acquisition of Bridge to accelerate its stablecoin payments business, adding infrastructure designed to help businesses move money using blockchain-based payment rails.

Since then, the company has introduced new stablecoin products while extending regulated payment services into additional regions.

As previously reported by crypto.news, Bridge received both a Markets in Crypto-Assets (MiCA) crypto-asset service provider authorization and an Electronic Money Institution license in Luxembourg earlier this month. The approvals allow the company to provide regulated services across all 27 European Union member states under a single regulatory framework.

According to Bridge, the licenses let businesses issue custom euro-backed stablecoins, create named virtual IBANs, and offer euro accounts throughout the European Union without establishing separate banking relationships in each country.

Bridge also said fintech companies can integrate cross-border euro accounts through a single connection, while enterprises can use stablecoins to move funds between subsidiaries instead of relying on traditional correspondent banking networks.

The regulatory approvals followed another expansion announced earlier this year. In March, Visa said it was extending its partnership with the Stripe-owned company to launch stablecoin-backed Visa card programs in more than 100 countries by the end of 2026.

Fitzgerald joined Bridge shortly after the acquisition closed and said the company built much of the underlying sponsor bank, regulatory, and network infrastructure during that period before scaling the program internationally.

Fitzgerald says banking will be built natively onchain

Looking ahead, Fitzgerald indicated that his next venture will remain closely connected to blockchain-based financial infrastructure.

After working with dozens of stablecoin companies during his time at Stripe and Bridge, Fitzgerald said he concluded that the next generation of global banking would be built natively onchain.

He did not disclose his future plans but said more information would be shared soon.

The comments come as stablecoin payment infrastructure continues to attract investment from payment companies seeking to expand blockchain-based financial services alongside conventional payment rails.

Stablecoins remain central to Stripe’s payments strategy

Stripe has continued integrating stablecoins into its broader payments business while pursuing regulated expansion across major markets.

The company has combined Bridge’s infrastructure with its own global payments network to support cross-border settlement, stablecoin payments, and card issuance for businesses and developers.

Stripe’s interest in digital payments has also extended beyond Bridge. As previously reported by Reuters, the company joined private equity firm Advent International in June to submit a roughly $53 billion proposal to acquire PayPal.

According to Reuters, PayPal’s board concluded the $60.50-per-share proposal undervalued the company while also considering financing certainty, regulatory hurdles, and execution risks before deciding how to proceed. Reuters also reported that negotiations remained active, with Stripe and Advent continuing discussions despite the board’s reservations.

The proposed acquisition would bring together PayPal’s crypto payment products, including the PYUSD stablecoin issued by Paxos, with Stripe’s growing stablecoin infrastructure built through Bridge. Reuters reported that Stripe and Advent also explored potential structural remedies should antitrust regulators require changes to the transaction.

Quantum computing is a risk factor for every encrypted system on the planet, including major banks. But crypto, due to the way it works, may be the technology that gets tested first.

“Cryptocurrencies are the canary in the coal mine,” Eddy Zervigon, CEO of Quantum Xchange, said in an interview with CoinDesk. Zervigon’s firm builds infrastructure to shield networks, including financial ones, from quantum-enabled attacks, and he’s blunt about where the first casualty is likely to show up.

“That’s the first place of attack because of the decentralized nature,” Zervigon said. “Once you see it happening there, then you know that someone somewhere has a cryptographically relevant quantum computer.”

A cryptographically relevant quantum computer, capable of breaking the elliptic-curve cryptography underpinning the Bitcoin blockchain’s signatures, along with the encryption securing bank rails, doesn’t exist yet. The consensus estimate for when it will is compressing, not stretching.

“The folks spending billions of dollars, like Microsoft, IBM, and others developing quantum computers, generally believe there will be a commercially relevant, cryptographically relevant quantum computer in the 2029 timeframe,” Zervigon said. “That’s not me making stuff up. That’s based on what people like Arvind Krishna at IBM have said.”

Bitcoin is likely to stay range-bound, said Jeff Ko, chief analyst at CoinEx, and he points to three reasons the backdrop has calmed.

Oil has retreated from last week’s highs after another pause in U.S.-Iran hostilities. The 10-year Treasury yield, approaching 4.7%, is doing part of the Fed’s tightening work on its own. And the Fed may want to keep its options open ahead of this week’s PCE inflation and second-quarter GDP data.

The bigger swing factor is corporate. Apple, Microsoft, Meta and Amazon all report this week, and Ko said their free cash flow and AI-spending guidance could move Treasury yields and the Nasdaq, indirectly shaping the liquidity that flows into crypto.

Ko added that the composition of ETF flows will matter as much as the headline numbers.

Garden Finance has temporarily taken its application offline after an attacker compromised the off-chain database of an independent solver, leading to the loss of solver-owned digital assets while leaving protocol contracts and user funds unaffected.

Blockchain security firm Blockaid reported on Sunday that an attacker drained about $450,000 in USDT from Garden Finance’s hash time-locked contracts (HTLCs) deployed across Ethereum, Base, Arbitrum and BNB Smart Chain, describing the exploit as active while publishing wallet addresses linked to the attacker and the affected contracts.

Garden Finance later told Cointelegraph that the protocol itself had not been breached. Instead, the company said the incident originated from the off-chain infrastructure of an independent solver, where an attacker gained access to the solver’s database and inserted fraudulent transaction records that triggered releases of funds for swaps that had never been funded by the corresponding counterparty.

As a precaution, Garden temporarily took its application offline while engineers isolated the affected infrastructure and reviewed the incident. The protocol said no user funds were lost or exposed because only assets owned by the affected solver were involved.

The company added that it is still verifying the total amount lost, along with the exact assets and blockchain networks affected by the attack.

Off-chain solver targeted rather than protocol

While Blockaid initially associated the incident with Garden’s HTLC infrastructure, the protocol said its smart contracts continued operating as designed and were not exploited.

Garden explained that HTLCs serve as escrow contracts that enable atomic swaps between Bitcoin and assets on other blockchains by locking funds until predefined conditions are met or time limits expire. According to the company, those contracts remained secure throughout the incident.

Instead, Garden attributed the loss to manipulated records inside the compromised off-chain database used by one of its independent solvers. The fraudulent entries caused the solver to release funds for swaps despite the corresponding deposits never being completed.

According to Garden, the incident remained isolated to a single participant within its decentralized network of independent solvers rather than affecting the broader protocol.

“Garden’s protocol and HTLC smart contracts were not compromised, and no user funds were lost or at risk,” the company told Cointelegraph while emphasizing that only solver-owned assets were affected.

The protocol also noted that it does not control the infrastructure operated by independent solvers, which execute swaps within the network.

Recovery efforts underway with security firms

Garden said it has engaged blockchain security and incident response firms zeroShadow, Quantstamp and Blockaid to trace the stolen assets and support recovery efforts.

Alongside those investigations, the company said it expects to restore normal services after completing additional security reviews, although it has not provided a timeline for bringing the application fully back online.

The protocol added that its immediate priorities include securing the affected infrastructure, tracing the compromised solver’s assets and ensuring every required security check has been completed before services resume.

Garden also pointed to its recently completed SOC 2 Type II attestation, saying the certification demonstrates ongoing investment in operational controls and security processes even though the latest incident originated from infrastructure operated by an independent network participant.

The latest disclosure comes only days after Singapore-based stablecoin payments company Triple-A confirmed unauthorized access to company treasury wallets that resulted in the loss of corporate digital assets while customer funds remained unaffected.

According to Triple-A, the July 25 incident impacted only company-owned treasury assets because customer funds are held separately in safeguarded trust accounts rather than inside company wallets. The company temporarily placed certain services into maintenance mode before restoring normal payment operations after additional security checks.

Triple-A also said it is working with blockchain forensics specialists, cybersecurity experts and the Singapore Police Force to investigate the breach and trace the stolen assets. Although blockchain investigators estimated losses eventually reached about $11.8 million, the company has not confirmed the total amount or disclosed how the unauthorized access occurred.

Garden’s latest disclosure also follows an earlier security incident involving one of its independent solvers.

According to the protocol, an attacker compromised the operating environment of another solver in October 2025 and stole approximately $11.4 million. Garden said that the attack likewise did not affect its protocol contracts or place user funds at risk because the compromise remained limited to the solver’s operating environment rather than the protocol itself.

The latest attack adds to a series of security incidents reported across the cryptocurrency sector during 2026.

Last week, decentralized finance protocol Lien Finance disclosed the loss of approximately 542,144.63 USDC after attackers exploited weaknesses in its bond validation and pricing logic. Blockchain security firm SlowMist said the flaw allowed unsupported bond tokens to be minted and exchanged for real USDC liquidity without consuming the required collateral.