Current outcome
BitMart unveiled a preliminary, court-approval-dependent plan to compensate users for an estimated $319.5M reserve shortfall, offering choices between front-end distributions in fiat/stablecoins/major tokens, 1:1-per-dollar recovery tokens for hack asset tracing, or DEX-tradeable continuation tokens tied to investment and illiquid-asset recoveries and potential future profit sharing.
Progress timeline
6 material updates- #01
After announcing a shutdown, BitMart began considering a partial restart and creditor payouts.
State after update: A restructuring direction exists, but payout terms and timing were still unknown.
Source evidence: CoinDesk
- #02
Withdrawals for multiple assets were restricted without an official explanation at publication.
State after update: Access to user funds faced additional uncertainty.
Source evidence: CryptoTicker
- #03
BitMart engaged White & Case to assess restructuring and said a roadmap was due by Sept. 9.
State after update: The trading shutdown remained; restructuring and creditor-distribution details awaited disclosure.
Source evidence: CryptoSlate · Protos
- #04
BitMart misses roadmap deadline, appoints financial adviser
BitMart missed its self-imposed Sept. 9 deadline for a restructuring roadmap and instead appointed Alvarez & Marsal as financial adviser to evaluate its assets and options, with a user feedback portal to launch within five working days and further updates over the next three weeks.
State after update: BitMart's restructuring continues; it missed its Sept. 9 roadmap deadline and has appointed Alvarez & Marsal as financial adviser to evaluate assets and possible paths forward. A user feedback portal is planned within five working days, with further updates expected in the coming weeks.
Source evidence: Cointelegraph
- #05
【BitMart 公布资产分配初步意向性方案，拟提供三种用户退出选项】
BitMart published an initial court-supervised asset distribution plan: user balances would be converted into USD, with three exit options — immediate pro-rata payout in fiat, stablecoins and major tokens; a recovery token tied to stolen-asset clawbacks; or a DEX-tradable continuation token backed by investment rights and illiquid assets. It will consult its top 50 users over the next three to four weeks.
State after update: BitMart's restructuring has entered a court-supervised initial proposal stage, with an asset distribution plan and three user exit options presented; it will consult its top 50 users over the next three to four weeks.
Source evidence: foresightnews
- #06
BitMart公布资产分配初步方案：用户可选择前端分配、追偿代币或延续代币
BitMart unveiled a preliminary, court-approval-dependent plan to compensate users for an estimated $319.5M reserve shortfall, offering choices between front-end distributions in fiat/stablecoins/major tokens, 1:1-per-dollar recovery tokens for hack asset tracing, or DEX-tradeable continuation tokens tied to investment and illiquid-asset recoveries and potential future profit sharing.
Source evidence: theblockbeats