Bitmart Announces Solution for Handling Unpaid Balances of Users
2026-10-01 08:02:09
According to CoinMeta, Bitmart has announced a preliminary intention plan to handle users' outstanding balances through arrangements approved by the court. Due to factors such as the sluggish crypto market in 2026, volume-farming groups profiting from rebates and zero-slippage incentives, and panic withdrawals, Bitmart's business turned losses. Additionally, a hacker attack in December 2021 resulted in a loss of approximately $319.5 million in digital assets, creating a gap in the balance sheet. Management believes that a capital injection of $10 million is insufficient to resolve the current issues. The proposed plan will convert users' account balances into US dollars based on the weighted average price of the relevant tokens from July 26, 2026, to the designated recording date, to be verified by personnel appointed by the court. Users will have the option to receive fiat currency, stablecoins, and liquid assets such as BTC, ETH, and SOL in proportion, or to exchange for restitution which supports the recovery of stolen assets, or for continuum and token supported by Bitmart investment equity and future distributable profits. Bitmart plans to solicit feedback from the top 50 users based on their account balance values over the next 3 to 4 weeks and will announce the estimated recovery ratios for each option.
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