BMX, the ecosystem token of the BitMart exchange, has partially recovered after a one-day collapse that erased more than 60% of its value. The rebound comes as traders in Chinese and Vietnamese crypto channels report that withdrawals from BitMart are processing slowly.

Exchange-linked tokens often draw additional scrutiny during platform-related rumors because their market value can be closely tied to user confidence in the venue that issues or promotes them. In this case, the BMX move is being watched alongside claims about withdrawal processing, though the available reports do not establish what caused the sell-off or whether BitMart has a broader operational issue.

According to CoinMarketCap, BMX was recently trading near $0.163, up more than 44% in less than 24 hours after falling as low as $0.107. The move followed a July 24 sell-off that was flagged by several observers, including X user Lu Ge, whose account is @lugeweb3 (撸哥整顿币圈). In a post on X, Lu Ge estimated the single-day loss at 63% and urged users with funds on the platform to pay attention: https://x.com/lugeweb3/status/2080701221619241455.

Based on Cryptopolitan’s calculations, BMX fell by more than 65% within hours. Lu Ge said two possible explanations could be responsible for the decline, stating that the platform may have been hacked or that someone connected to it may have dumped supply.

Despite the partial recovery, BMX remains nearly 74% below its June 2024 record of $0.6203, according to CoinMarketCap data. The token had a market capitalization of $52.8 million at the time of publication.

The token’s price movement has become linked to a separate issue: user reports about withdrawals from BitMart. X user The KOL 加密无畏 (@cryptobraveHQ) wrote on July 25 that after BMX plunged, community members began saying that withdrawal reviews were taking much longer than usual. The post cited one case in which a several-hundred-dollar USDT withdrawal requested in the morning had still not arrived: https://x.com/cryptobraveHQ/status/2080970561652727811.

Other reports described similar experiences, with some users suggesting the issue may be an anomaly in the platform’s withdrawal process rather than a confirmed outage. One related post was shared by PANewsCN: https://x.com/PANewsCN/status/2080989561354850674.

X account @BTCs_ said a 5 USDT withdrawal took more than three hours to clear, describing the delay as something he had never seen before: https://x.com/BTCs_/status/2081016883680043335. Another user, @solotop999, posted that an untouched BitMart account he attempted to empty returned an on-chain withdrawal freeze message.

For centralized exchanges, withdrawal complaints are closely watched because users generally depend on the platform to approve and broadcast transactions before funds can move on-chain. Delays can also occur for routine reasons such as compliance review, wallet maintenance or risk controls, but without an exchange statement it is not possible to determine whether the cases described by users share the same cause.

Lu Ge later asked users to test their own withdrawals and report back. He also pointed to a wave of nearly identical promotional posts from marketing accounts, saying he viewed them as a negative sign rather than a reassuring one: https://x.com/lugeweb3/status/2080967465669165254.

BitMart has not issued an official statement about the BMX price crash or the withdrawal difficulties that some users claim to be experiencing. Any subsequent notice from the exchange about wallet status, withdrawal queues, reserves or the BMX market would be the clearest source for confirming whether the reports reflect isolated delays or a wider service problem.

The exchange continues to show significant reported activity. CoinMarketCap lists approximately $1.29 billion in 24-hour spot volume for BitMart and reported reserves of about $158 million. On July 17, BitMart published an H1 2026 report describing roughly 256% growth in asset management and expansion into payments, prediction markets and U.S. operations.

That report was released before this week’s events and does not address the BMX token drop or the withdrawal complaints.