AiCoin|Oct 01, 2026 00:33
[BitMart Plans to Address User Debt Through Court Proposal, Offering Liquid Assets or Recovery Token Options]
BitMart has announced a preliminary proposal to handle users' outstanding balances through a court arrangement. BitMart stated that the market downturn in 2026, profit-seeking wash trading groups, and panic withdrawals led to business losses, while the December 2021 hacking incident resulted in approximately $319.5 million in asset losses. Management believes that a $10 million capital injection proposed by an investor is insufficient to resolve the issue. User balances will be converted based on the weighted average price between July 26, 2026, and the recording date. Users can choose to receive proportional payouts in fiat currency, stablecoins, and liquid assets such as BTC, ETH, and SOL, or opt for two types of recovery tokens: Restitution Token and Continuum Token. BitMart plans to consult with the top 50 users by balance within 3 to 4 weeks and announce the recovery ratios.
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