PANews reported on October 1 that crypto trading platform BitMart issued an "Announcement on the Preliminary Indicative Plan and Roadmap," stating that since August 2026, the company has been reviewing its assets and liabilities and formulating a resolution plan. While conducting preliminary due diligence with Alvarez & Marsal and White & Case, it has now formed a preliminary plan to offer users different asset recovery paths.
BitMart stated that the main reasons for its current difficulties include the 2026 crypto market downturn, and its futures business being exploited by wash-trading groups that took advantage of rebate and zero-slippage incentive policies for arbitrage, causing fee revenue to decline and turn into losses. In addition, a hacker attack in December 2021 caused approximately $319.5 million in digital asset losses and created a gap between assets and liabilities. Since May 2026, the company has also faced social media attacks, panic withdrawals by users, and the leakage of employees' personal information.
According to the preliminary plan, BitMart intends to convert users' account balances into Dollarised Account Balances, which will be valued by court-appointed personnel based on the weighted average trading prices of the relevant tokens during the period from July 26, 2026 to a designated period. Users may then choose from the following three options:
Immediate Distribution Option: Users can receive a pro-rata distribution of assets consisting of cash, stablecoins (including USDC, PYUSD, and USDT), and major tokens such as BTC, ETH, and SOL.
Restitution Token Option: Users can convert their Dollarised Account Balances into "Restitution Tokens," which will be backed by funds BitMart recovers in the future from the 2021 hacker attack. BitMart stated that the latest investigation report shows that some of the stolen funds may still be held on certain centralized trading platforms.
Continuum Token Option: Users can convert into a new token that can be traded on decentralized exchanges. The value of this token will be supported by investment assets held by BitMart, funds obtained from selling low-liquidity assets, and (if sufficient financing is obtained in the future and business is restored) a portion of the future distributable profits of certain projects.
BitMart stated that over the next 3 to 4 weeks, the team will consult with advisors and the top 50 users ranked by asset size on the details of the plan, and adjust the plan based on feedback. At the same time, the company will prepare a report showing all users the estimated recovery ratios under the different options. The plan still needs to obtain relevant approvals before implementation.