BitMart Releases Preliminary Proposal, Users Can Choose Three Ways to Exit the Platform

Odaily reports that cryptocurrency exchange BitMart has released a preliminary proposal, stating that since August 2026 it has been reviewing its assets and liabilities and drafting response arrangements. Users can choose a front-end distribution, or receive deferred but potentially higher recoveries from sources that may be recovered and liquidated. The management team stated it will continue to cooperate.

BitMart stated that the December 2021 hack created a balance sheet shortfall of approximately $319.5 million based on December 4, 2021 valuations. Since May 2026, social media attacks have triggered panic withdrawals, and affected personnel face the risk of personal information leakage. After evaluating a $10 million liquidity proposal from an investor, management determined it was insufficient to cover operating pressures and the shortfall.

BitMart plans to implement a court-approved plan backed by its assets, converting users' outstanding account balances into USD based on the weighted average trading price from July 26, 2026 to a designated record time. Users can choose to receive a front-end distribution including fiat currency, stablecoins, and Bitcoin, ETH, and SOL; exchange recovery tokens to participate in the pursuit of stolen assets; or exchange continuation tokens tradable on decentralized exchanges to participate in investment rights, disposal of illiquid assets, and future project profit distribution.

Within the next three to four weeks, the BitMart team, with the assistance of advisors, will seek specific feedback on the proposed plan from the top 50 users by account balance value. After considering user feedback, the team will inform stakeholders of any adjustments to the plan in due course.