# BitMart Founder Says Threats Against Employees Complicate Staffing By Simon Yoon Canonical URL: https://www.tokenpost.com/news/technology/49630 Published: 2026-11-05T23:27:12.000Z Updated: 2026-11-05T23:27:12.000Z Section: Technology > Sheldon Xia said the exchange is trying to retain technical workers as it restructures. BitMart plans to seek court approval for a user recovery proposal in December or January. BitMart founder Sheldon Xia said threats against employees and alleged retaliation by former staff have made it harder for the exchange to retain technical workers as it restructures and manages a severely understaffed security team. Xia said individual conversations helped persuade some key technical staff to stay and maintain core systems. “Our security team is currently severely understaffed, but we are still doing everything we can to safeguard data and assets,” he said. Xia had previously disclosed an attack at BitMart and described a possible link to Brazil’s Mercado Bitcoin as preliminary in an [earlier update](). BitMart announced in July that it would end trading Aug. 26 and cease operations in January 2027. A proposal released Monday offers users three recovery paths, including payouts from liquid assets and tokens tied to future recoveries. BitMart plans to seek court approval in December or January. ## Links in this article - [earlier update](https://www.tokenpost.com/news/technology/48658)