User Repayment

BitMart has filed its first detailed plan to repay more than 12 million users still locked out of their accounts, blaming a $319.5 million shortfall on the exchange’s December 2021 hack. The proposal, which still needs court approval, offers users a menu of cash, tokens tied to recovered hack proceeds, and equity-like claims on a possible relaunch.

• BitMart values the 2021 hack at $319.5 million, more than double its original public estimate of roughly $150 million.
• Users can choose an upfront cash-and-crypto payout, a “Restitution Token,” a “Continuum Token,” or a blend of all three.
• Creditor group Echo Base is weighing whether to force BitMart into bankruptcy after its $10 million rescue offer was rejected.

• $319.5M revised hack loss versus BitMart’s original $150M estimate
• 12M+ users locked out since the July 26 platform shutdown
• 60% single-day BMX token drop after the CEO’s exit

BitMart published the repayment proposal on its help center, more than two months after it began shutting down its trading platform on July 26, 2026. The plan, first detailed by Cryptopolitan, asks a court to bless whatever payout structure users ultimately accept rather than forcing a single fixed settlement.

BitMart Doubles Its Hack Toll to $319.5 Million

The restructuring document attributes the exchange’s balance-sheet hole entirely to the December 2021 breach, nearly five years before this filing. BitMart’s own December 4, 2021 breakdown had listed $164.1 million in Ether, $96.5 million in BNB, $51.5 million in Bitcoin and $7.4 million in other tokens stolen, a total the exchange now says came to $319.5 million.

That figure is well above what was disclosed at the time. BitMart’s public statement in 2021 put the damage near $150 million, while blockchain security firm Peckshield estimated it closer to $200 million.

Then-CEO Sheldon Xia promised to cover the losses from company funds and said no customer assets would be harmed.

BitMart Offers Users a Three-Way Choice, Not a Fixed Payout

Under the proposal, every account balance is first converted into a single dollar figure BitMart calls a “Dollarised Account Balance,” based on the average trading price of a user’s tokens between July 26 and a record date that has not been set. A court-appointed officer would verify those numbers before any distribution.

From there, users pick one option or a blend. The first is an upfront payout of a proportional share of BitMart’s liquid holdings, including cash, stablecoins USDC, PayPal USD and Tether, plus Bitcoin, Ether and Solana.

The second converts each dollar of balance into a “Restitution Token” tied to whatever BitMart recovers from the 2021 hack; the exchange says private forensic work has found “certain pockets of value” sitting on unnamed centralized exchanges.

The third is a “Continuum Token” that would trade on decentralized exchanges, drawing value from BitMart’s investments, eventual sales of illiquid assets like private equity stakes and altcoins, and a share of future profits if the company reopens.

Echo Base Weighs Forcing BitMart Into Bankruptcy

BitMart is working with restructuring firm Alvarez & Marsal and law firm White & Case, advisers Cryptopolitan reported were retained in September. The exchange plans to meet the 50 users with the largest balances over the next three to four weeks, gather broader feedback through October, revise the plan in November, and file with courts in December 2026 or January 2027.

Global CEO Nenter (Nathan) Chow had laid out plans for prediction markets and tokenized assets in a first-half update, saying the eight-year-old exchange intended to last another eight. On July 24, 2026, he said he was told his employment was ending and that he was never consulted on the wind-down, sending the BMX token down almost 60% in a day.

BitMart said it considered a $10 million cash offer from Echo Base, a firm that invests in distressed companies, but called the amount “manifestly insufficient.” Echo Base says BitMart never replied to its August 6, 2026 proposal to fund a pre-agreed bankruptcy plan, and has since formed a creditor committee with law firms Young Conaway Stargatt & Taylor and Ashbury Legal that is weighing whether to push BitMart into involuntary bankruptcy.

The CCS read. For institutions assessing exchange counterparty risk, the gap between BitMart’s five-year-old hack and today’s $319.5 million claim matters more than the repayment menu itself. Firms that custody client assets on centralized venues should treat opaque loss reconciliation, not just reserve audits, as a due diligence item going forward.

BitMart’s near-term credibility now hinges on whether Echo Base’s creditor committee moves to force an involuntary bankruptcy before the exchange’s own December or January court filing, a decision that would strip BitMart of control over which repayment option its 12 million users ultimately get.