BitMart Founder Accused of Blocking Clients Over Trapped ATEG Tokens

Aliyu Almustapha, CFO of ATEG Capital, reported on November 4 that he was blocked by Xia immediately following a public appeal for the return of project assets. Almustapha claims that along with the 800,000 ATEG tokens, an unspecified amount of USDC remains inaccessible within the exchange’s ecosystem. Another customer facing similar issues cited an unresolved balance of approximately 391,000 USDT.

While ATEG founder Mohamed Higazie has offered to grant the exchange extra time to resolve USDC obligations if the project tokens are returned, BitMart’s official restructuring plan remains vague. The exchange, which halted trading on August 26 and appointed Alvarez & Marsal to oversee its finances, proposes converting balances into dollar-denominated claims through a court-monitored process. Despite the launch of a user engagement portal, the company explicitly warns that submitting tickets does not accelerate individual withdrawals or change account status.

Adding to the pressure, the exchange is dealing with the fallout of a security breach acknowledged by Xia on November 3. Blockchain researchers at Bitquery traced approximately $391,000 in unauthorized outflows across the Base, Arbitrum, and Optimism networks, linking the activity to wallets associated with BitMart. As the exchange navigates court applications scheduled for late 2026 or early 2027, users continue to report a lack of transparency regarding the return of their holdings.