hack losses

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.

730

crypto securi

2026-07-08 12:46:14

Over $2.3 Billion Stolen in 2024: Crypto Trading Safety Is a Must

In 2024, crypto hacks surged 40% to $2.3 billion in losses. Ethereum took the hardest hit. Exchanges must adopt compliance, cold storage, and proof of reserves, while users should enable 2FA and hardware wallets.

1990