Cryptocurrency exchange BitMart announced a preliminary redemption plan following a December 2021 hacker attack that created a $319.5 million balance sheet gap. Users can choose from three exit options: front-end allocation in fiat or stablecoins, recovery tokens exchanging stolen assets, or continuation tokens representing investment rights in the restarted business. The plan, developed with advisors Alvarez & Marsal and White & Case, will be refined based on feedback from top users over the next three to four weeks.
BitMart announced a preliminary restructuring plan following financial difficulties caused by a 2026 crypto market downturn, wash-trading exploits, and a December 2021 hacker attack that resulted in $319.5 million in losses. Users can choose between immediate asset distribution, restitution tokens backed by recovered hacker funds, or continuum tokens supported by BitMart's investment assets and future profits.
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