BitMart proposes court-backed repayment plan for users hit by 2021 hack

Nearly five years after hackers drained about $319.5 million from BitMart, the exchange finally has a repayment plan on paper. It still needs a judge to sign off on it. On September 30, 2026, the Cayman Islands-based exchange released a preliminary restructuring proposal. The goal is to deal with a shortfall in user balances tied to the December 2021 breach. A court application is targeted for December 2026 or January 2027. How the proposal works BitMart plans to dollarize balances using weighted average trading prices tied to July 26, 2026. Whatever your account held, in whatever tokens, gets translated into a single dollar figure. That number becomes your claim. From there, users would choose between two broad paths. The first is a pro-rata payout from the exchange’s available liquid assets. Users taking this route could receive fiat or stablecoins. The second path is a conversion into new tokens. The proposal introduces two of them: Restitution Tokens and Continuum Tokens. Together, they are designed to reflect potential recoveries and the exchange’s future profitability. Who is involved and what happens next BitMart is not drafting this alone. The restructuring is being advised...