BitMart has released a preliminary proposal that would give users three ways to exit the platform, saying it began reviewing its assets and liabilities from August 2026 and is preparing response arrangements.
Under the proposal, users could choose an upfront distribution or wait for potentially higher recoveries from sources that may later be recovered and monetized. The management team said it will continue to cooperate.
Balance-sheet gap and withdrawal pressure
BitMart said the December 2021 hack created an approximately $319.5 million gap on its balance sheet, based on asset values as of Dec. 4, 2021.
The exchange also said that, starting in May 2026, social media attacks triggered panic withdrawals, while related individuals faced the risk of personal information exposure.
After assessing a $10 million liquidity proposal from an investor, management concluded that the amount was insufficient to cover operating pressure and the existing shortfall.
Three user options
BitMart said it plans to implement a court-approved arrangement backed by its assets. Under that plan, unpaid user account balances would be converted into U.S. dollars using the weighted average trading price from July 26, 2026 to a designated record time.
Users would then be able to choose from three options:
- Receive an upfront distribution in fiat, stablecoins, BTC, ETH, or SOL;
- Convert balances into recovery tokens tied to efforts to pursue stolen assets;
- Convert balances into continuation tokens tradable on decentralized exchanges, allowing participation in investment interests, disposal of illiquid assets, and future project profit distributions.
Next steps
Over the next three to four weeks, the BitMart team, with assistance from advisers, plans to seek detailed feedback on the proposal from the top 50 users ranked by account balance value.
The team said it will update stakeholders on any adjustments to the plan after considering user feedback.