Scandic Coin Demands Action from BitMart Over Stalled Withdrawals

Scandic Coin (SNC) has issued a formal inquiry to cryptocurrency exchange BitMart, demanding the immediate processing of three outstanding withdrawals from its institutional account. The transactions, totaling over $22,000 in USDT and nearly 927,000 SNC tokens, have been in a 'Processing' state since July 26, 2026, according to a statement from the company.

Details of the Stalled Transactions

Scandic Coin provided records from BitMart's interface, dated August 3, 2026, which show three specific withdrawal requests have not been executed. The company highlighted that after nearly eight days, the transactions still show zero network confirmations and have not been assigned a blockchain transaction ID (TXID), indicating they have not been broadcast to the network.

• Transaction 31942705: 21,898.08 USDT (created July 26)
• Transaction 31943017: 926,634.6 SNC (created July 26)
• Transaction 31944747: 255.70 USDT (created July 26)

The company noted that a smaller withdrawal of 4,332.39 SNC was successfully completed on July 27, raising questions as to why the three larger transactions remain unprocessed.

Questions Raised Amid Exchange Shutdown

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This dispute comes as BitMart is reportedly winding down its trading platform. The exchange had previously described the closure as an "orderly, transparent and responsible process," a claim Scandic Coin is now challenging. The lack of a specific explanation for the delays, despite a public request made on July 28, is fueling concerns among the token's operators.

Scandic Coin asserts that its account has approved institutional verification, which it argues should preclude delays related to standard anti-money laundering (AML) or Know Your Customer (KYC) checks. The prolonged hold without communication or a TXID raises significant operational questions for investors and clients of the exchange.

Demands and Potential Escalation

Scandic Coin is demanding that BitMart either execute the transactions immediately or provide a detailed, transaction-specific reason for the hold-up and a binding completion date. The company stated that the lack of a substantive response could suggest the platform's wind-down is not proceeding in an orderly fashion.

In its statement, the operating company behind SNC warned that if the assets are not released, it would consider the action "deliberate embezzlement and theft" and would proceed with filing a criminal complaint.