BitMart Tells Users It Is Exploring a Restructuring Plan and Creditor Payouts

BitMart said Friday it is developing a potential restructuring plan that could combine a phased restart of some operations with distributions to creditors, coming just days before its final trading deadline. The Cayman Islands-based exchange said it has appointed White & Case as restructuring counsel and said it will publish a roadmap no later than Sept. 9. The update follows BitMart’s July 26 announcement that it would cease operations after nine years. At the time, the exchange immediately halted new registrations, deposits and new trading orders, and moved futures accounts into reduce-only mode. It said trading would end on Aug. 26, with the platform scheduled to terminate on Jan. 31, 2027. BitMart said in July that the decision was based on operating conditions, the market environment and its future strategy. Users have since reported blocked withdrawals. On Aug. 17, an open letter posted from BitMart’s Chinese-language X account called on founder Sheldon Xia and purported partner Nancy Li to open the company’s wallets, assets, liabilities and usable reserves to independent verification by Aug. 19. Lee said the account had been hacked and described the claims as fabricated rumors, adding that he would file a police report. BitMart’s BMX token is down more than 86% this year.