BMX token recovers from July 24 crash as Bitmart withdrawal delay rumors spread

After a collapse wiped out more than 60% of its value in one day, BMX, the ecosystem token of BitMart exchange, has made a slight recovery. 

However, traders across Chinese and Vietnamese crypto channels are saying that withdrawals from the exchange are running slowly.

How far did BMX crash, and how much has it recovered?

BMX currently changes hands near $0.163, according to CoinMarketCap, which is a rise of over 44% in less than 24 hours after it traded as low as $0.107. 

That recovery follows the July 24 sell-off, which was flagged by various observers, including X user Lu Ge with the account @lugeweb3 (撸哥整顿币圈), who pegged the single-day loss at 63% and told followers with money on the platform to pay attention. 

Per Cryptopolitan’s calculations, the token dropped by over 65% within hours. 

Lu Ge gave two possibilities that may be responsible for the crash, stating that it could be either that the platform was hacked or someone connected to it dumped supply.

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