The BitMart exchange has released a preliminary plan for payouts to users. Since August, the company, together with consultants Alvarez & Marsal and White & Case, has been assessing its assets and liabilities following the events of July 26.
The exchange itself identified the causes of the crisis. First, there’s a gap in the balance sheet dating back to the hack in December 2021, when BitMart lost about $319.5 million. While the market was growing, profits allowed the business to keep operating; however, starting in 2026, the business turned unprofitable. Additionally, certain groups were inflating futures volumes through bonuses and no-slip programs. Starting in May, according to the exchange, these same groups launched social media attacks that triggered panic withdrawals. The management deemed an offer from one investor to inject $10 million clearly insufficient.
All user balances will be converted into dollars at the weighted average token price as of July 26; a court-appointed independent administrator will handle the valuation. Afterward, each user can choose one or more of the following options:
First, an immediate proportional payout from the exchange’s liquid assets: fiat currency, USDC, PYUSD, USDT, BTC, ETH, and SOL.
Second, a redemption token backed by future recovery of funds stolen during the 2021 hack. According to the investigation, part of these funds is held on several centralized exchanges.
Third, the Continuum token, which will be traded on a DEX and backed by BitMart’s investments, future sales of illiquid assets such as stakes in private companies and altcoins, and—if the business can be relaunched—also by a share of future profits.
In the next 3–4 weeks, the exchange will hold consultations with its 50 largest users and prepare a report detailing the expected returns for each option. The plan must be approved by the court.