BitMart Offered Users Three Refund Options Amid Balance Shortfall

Published: October 1, 2026 – 07:01 UTC

BitMart has unveiled a payout plan for users.
The exchange is offering three ways to recover funds.
The exchange’s balance shortfall after the 2021 hack was estimated at nearly $319.5 million.

Crypto exchange BitMart presented a preliminary plan to resolve its financial issues, offering three options for users with unsettled balances. The company acknowledged a balance shortfall of nearly $319.5 million, which, among other factors, arose after the exchange was hacked in December 2021 and was compounded by a subsequent deterioration in financial performance.

In October 2026, the company will hold consultations on the proposal, and in December 2026 — January 2027 it plans to apply to the relevant courts to approve the plan.

Previously, after BitMart’s announcement of a phased shutdown of its trading platform, the exchange ran into withdrawal issues. In September, the company brought in Alvarez & Marsal as a financial advisor to assess assets and prepare next steps.

BitMart Explained the Causes of Its Financial Problems

According to the company, the situation worsened due to the crypto market downturn in 2026, declining revenues, and losses from futures trading. In particular, BitMart said that groups engaged in wash trading used certain rebate programs and zero-slippage features, which negatively affected the exchange’s profitability.

An additional factor was the balance shortfall following the BitMart hack in December 2021. The company estimates that digital assets totaling about $319.5 million were lost at the time:

Bitcoin — $51.5 million
Ethereum — $164.1 million
BNB — $96.5 million
Other assets — $7.4 million

Since May 2026, the exchange has also faced a series of social media attacks by wash-trading groups, which, it says, triggered panic withdrawals. The company also cited the risk of employees’ personal data being leaked.

BitMart also separately considered a proposal from one digital asset investor to raise $10 million, but management believes that amount is insufficient to address liquidity issues and the balance shortfall.

Users Will Be Offered Three Options

According to the preliminary proposal, users’ balances will be converted into a dollar equivalent at the volume-weighted average price of the relevant tokens over the period from July 26, 2026, until a specified point in time. The calculation and verification of the amount will be carried out by an independent court-appointed representative.

After that, users will be able to choose one option or a combination of three options:

Immediate payout: users will receive a pro-rata share of available liquid assets, including fiat, USDC, PYUSD, USDT, bitcoin, Ethereum, and Solana
Restitution token: the token will be linked to funds that BitMart may recover after the investigation into the 2021 hack continues. The exchange said that recent private forensic investigations have identified assets that may be held on centralized exchanges
Continuum token: the token will be backed by BitMart’s investments, future proceeds from the sale of illiquid assets, and, subject to sufficient funding to restart the business, a portion of future profits from the exchange’s projects.

Over the next 3–4 weeks, BitMart plans to consult with the 50 largest users by funds held. The company is also preparing a report with projected returns for each option.

As a reminder, after the closure announcement, BitMart’s situation began to be compared to a scenario similar to the bankrupt FTX exchange.

Сообщение BitMart Offered Users Three Refund Options Amid Balance Shortfall появились сначала на INCRYPTED.

Source: Incrypted