BitMart

BitMart

2026-10-01 13:50:33

BitMart outlines preliminary exit plan with three options for users

Crypto exchange BitMart has released a preliminary proposal that would let users leave the platform through one of three routes, as the company reviews its balance sheet and prepares a response plan from August 2026. Under the proposal, unpaid account balances would be converted into U.S. dollars using the weighted average trading price from July 26, 2026 to a designated record time, subject to a court-approved arrangement backed by BitMart’s assets. Users could choose an upfront distribution in fiat, stablecoins, BTC, ETH, or SOL; swap into recovery tokens tied to efforts to pursue stolen assets; or receive continuation tokens tradable on decentralized exchanges and linked to investment interests, disposal of illiquid assets, and future project profit distributions. BitMart said a December 2021 hack created an approximately $319.5 million balance-sheet shortfall based on values as of Dec. 4, 2021. It also said social media attacks since May 2026 triggered panic withdrawals and exposed related individuals to the risk of personal data leaks. After reviewing a $10 million liquidity proposal from an investor, management concluded that the amount was not enough to cover operating pressure and the shortfall.

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BitMart

2026-10-01 13:32:57

BitMart outlines preliminary restructuring options tied to account balances and recovery claims

Crypto exchange BitMart has released a preliminary proposal saying it will review assets and liabilities and prepare response measures starting in August 2026. The plan was developed during an initial due diligence process by Alvarez & Marsal and White & Case. Under the proposal, users could choose an upfront distribution or accept a delayed route tied to potentially higher recoveries from asset recovery and monetization sources. BitMart said the backdrop includes a decline in the total crypto market capitalization in 2026, losses in fee-based business after wash-trading groups exploited commission and zero-slippage policies in derivatives, and a balance-sheet gap of about $319.5 million stemming from the December 2021 hack, valued as of Dec. 4, 2021. The company also said social media attacks triggered panic withdrawals from May 2026 and exposed related individuals to personal data leak risks. Management reviewed a $10 million liquidity proposal from one investor and concluded it was not enough to cover operating pressure and the shortfall. The exchange said it plans to consult the top 50 users over the next three to four weeks and prepare a report on projected recovery rates under each option.

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BitMart

2026-10-01 10:14:18

BitMart Seeks Court Approval for User Repayment Plan With Cash Option and Two Token Paths

BitMart has outlined a preliminary repayment proposal for users more than two months after it began winding down its trading platform, with the exchange seeking court backing for the process. Under the plan released Wednesday, each user account would be converted into a single dollar-denominated claim based on the weighted average trading prices of held tokens from July 26 to a record date that has yet to be set, with valuations overseen by a court-appointed officer. Users would then be able to choose, or combine, three recovery routes: an upfront pro rata distribution of BitMart’s liquid assets, a Restitution Token tied to whatever value the exchange can recover from its December 2021 hack, or a Continuum Token backed by BitMart’s investments, sales of hard-to-liquidate assets including private equity stakes and altcoins, and a share of future profits if the company raises capital and restarts operations. BitMart said it is preparing a report estimating recovery percentages for each option and plans to consult the 50 users with the highest balances over the next three to four weeks. The exchange attributed its shortfall to the roughly $319.5 million reserve hit from the 2021 hack, weaker crypto markets in 2026, alleged exploitation of futures incentives by wash-trading groups, and panic withdrawals that it said were triggered by social media attacks beginning in May.

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CoinEx

2026-09-21 10:08:08

Legacy Crypto Exchanges Are Shutting Down as Traditional Finance Buyers Move In

CoinEx said on Sept. 15 that it will shut down, even though the exchange said it still had reserves above 100% and kept withdrawals open until Dec. 22. The platform, founded by ViaBTC creator Yang Haipo in December 2017, said it had served more than 10 million users across over 200 countries and regions and supported more than 1,000 crypto assets. Its closure adds to a growing list of older exchanges leaving the market this year, including AscendEX, BitMart and BitMEX. The report argues that this wave is no longer just about blowups. Trading activity and liquidity have been concentrating at the top, while compliance and operating costs keep rising. CoinGecko data showed spot volume across the top 10 exchanges fell from $2.70 trillion in the first quarter to $1.95 trillion in the second quarter, while Binance alone accounted for more than 40% of tracked spot share in August 2026, according to CoinMarketCap samples cited in the article. At the same time, licensing, reserve scale and access to new products such as tokenized stock-related trading are becoming harder for mid-sized platforms to secure. The piece also points to a parallel trend: traditional financial groups are buying regulated regional exchanges, while weaker or smaller platforms are choosing to close.

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BitMart

2026-09-09 13:53:58

BitMart names Alvarez & Marsal on Sept. 9 deadline but gives no restructuring roadmap or withdrawal timeline

BitMart used its self-imposed Sept. 9 deadline to disclose only one concrete step: the appointment of Alvarez & Marsal as financial adviser. The exchange did not release the restructuring and business-restart roadmap it had previously signaled, nor did it provide an asset breakdown, recovery estimate, liquidation progress update, or a withdrawal timetable. In its statement on X, BitMart said Alvarez & Marsal would work with legal counsel to review the exchange’s asset position, financial condition, stakeholder disputes, and possible paths forward. The company also said it would consider proposals from unnamed third parties during the review, leaving open the possibility of an outside restructuring or acquisition. BitMart said a dedicated user feedback portal would go live within five business days, with rolling updates to follow over the next three weeks. Echo Base, an ad hoc creditor committee formed by BitMart users, called the adviser appointment the most encouraging step since July, but its CEO Roshan Dharia said the update amounted to little more than a consultant appointment and two new deadlines.

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BitMart

2026-09-09 13:04:28

BitMart skips roadmap release on deadline, names Alvarez & Marsal as financial adviser

BitMart said Wednesday that it has appointed Alvarez & Marsal as its financial adviser, meeting its self-imposed Sept. 9 deadline for an update but stopping short of releasing the restructuring and business resumption roadmap it had previously said it was preparing. According to the exchange, Alvarez & Marsal will work alongside BitMart’s legal advisers to review the company’s assets, financial position, stakeholder issues and possible next steps. The review will also take into account proposals submitted by unnamed third parties, BitMart said on X. The exchange added that it plans to launch a dedicated web portal within five working days to gather user feedback on its action plan and long-term direction, with more updates on the process expected on a rolling basis over the next three weeks. Echo Base, which organized an ad hoc committee of BitMart claimholders, described the adviser appointment as the most encouraging move BitMart has made since July, while also criticizing the lack of reserve data, asset inventory, recovery estimates and any timetable for withdrawals.

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BitMart

2026-09-09 07:31:01

BitMart appoints Alvarez & Marsal as financial adviser to assess finances and withdrawal plan

BitMart said it has appointed Alvarez & Marsal, or A&M, as its financial adviser, according to an official announcement cited by BlockBeats on Sept. 9. The firm will work with BitMart and its legal counsel to review the company’s financial position, stakeholder-related matters and a potential orderly withdrawal arrangement, while also analyzing available options and helping shape a near-term action plan. BitMart said that, now that A&M has been formally engaged, it expects to roll out user feedback channels, a mechanism for collecting opinions and specific action plans over the next three weeks. The company also said it will review its current business and asset situation with A&M, study follow-up options that include a potential orderly restart of operations, and evaluate other proposals submitted by third parties while taking user feedback into account. The exchange added that questions users are most focused on, including withdrawal arrangements, asset status and next steps, will be disclosed after the independent financial adviser completes data verification. BitMart also said it will launch a dedicated feedback website, with the link to be published through an announcement within five working days, and plans to appoint an independent third party in the near term to supervise current operations and asset custody.

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BitMart

2026-09-09 07:12:25

BitMart appoints Alvarez & Marsal as external financial adviser, user feedback portal due in 5 business days

BitMart said it has appointed Alvarez & Marsal, or A&M, as its external financial adviser. According to a post from the exchange’s X account, the firm will work with BitMart and its legal counsel to assess the company’s financial position, stakeholder issues, and arrangements for an orderly withdrawal process. BitMart said it plans to provide rolling updates over the next three weeks on user feedback channels, comment collection, and its action plan. The exchange also said it will launch a data verification and user feedback portal within five business days. In addition, BitMart said it intends to appoint an independent third party in the near term to oversee company operations and the safekeeping of assets during the transition period, with the stated aim of protecting user interests. Foresight News previously reported that BitMart announced on Aug. 22 that it was developing a potential restructuring plan as an alternative to full liquidation.

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