Cryptocurrency exchange BitMart has presented a preliminary plan for user payouts, which includes three options for fund recovery in the face of a balance deficit amounting to nearly $319.5 million. This deficit resulted from a hack in December 2021 and deteriorating financial performance. In October 2026, the company plans to hold consultations on the proposal, and in December 2026, – in January 2027, to seek court approval for the plan. Previously, following BitMart's announcement of a phased shutdown of its trading platform, the exchange faced issues with fund withdrawals. In September 2026, it engaged Alvarez & Marsal as a financial advisor to assess assets and prepare further actions.
BitMart explained that its financial issues worsened due to the cryptocurrency market downturn in 2026, which reduced revenues and led to losses from futures trading. The company stated that some groups used fictitious trading schemes, negatively impacting profitability. An additional factor was the problems following the hack, which resulted in the loss of approximately $319.5 million in digital assets, including Bitcoin worth $51.5 million, Ethereum worth $164.1 million, BNB worth $96.5 million, and other assets worth $7.4 million. Since May 2026, the exchange has also been attacked by groups engaged in fictitious trading, leading to panic withdrawals. BitMart also considered a proposal to raise $10 million from an investor, but management deemed this amount insufficient to resolve the issues.
According to the proposal, user balances will be converted into a dollar equivalent based on the weighted average price of the respective tokens from July 26, 2026, to a specified point. After this, users can choose one of three recovery options: immediate payout of a proportional share of available liquid assets, a restitution token linked to funds the company can recover after the hack investigation, or a continuum token backed by investments and future proceeds from the sale of illiquid assets. Over the next 3-4 weeks, BitMart plans to consult with the 50 largest users by fund volume.