BitMart Announces Preliminary Asset Allocation Plan: Users Can Choose Front-End Allocation, Recovery Tokens, or Continuation Tokens

BlockBeats news, October 1st — The BitMart team has announced a preliminary indicative proposal and roadmap, planning to implement a user asset recovery plan backed by company assets and subject to court approval. BitMart stated that a hacker attack in December 2021 caused losses to its digital asset reserves and a balance sheet shortfall, amounting to approximately $319.5 million based on the value as of December 4 of that year. The market downturn in 2026, along with wash trading groups improperly profiting from rebate and zero-slippage incentive policies, further led to business losses.

The preliminary plan proposes converting users' outstanding account balances into U.S. dollars based on the weighted average trading price during the relevant period, with independent verification by a court-appointed person. Users may choose or combine three options: receiving a front-end distribution in existing fiat currency, stablecoins, and major tokens; exchanging 1 unit of recovery tokens per dollar of balance to participate in the recovery of stolen assets; or exchanging continuation tokens tradable on DEXs to participate in investment rights and the liquidation and recovery of non-liquid assets, and to share in a portion of future distributable profits only if funds are sufficient to restart the business.

BitMart will seek opinions over the next 3 to 4 weeks from the top 50 users by account balance value, and is preparing a report on the estimated recovery ratios for each option to be shared with all users.