BitMart Proposes Court-Backed Plan Offering Users Payouts or Tokens Tied to Its 2021 Hack
BitMart has put forward a first formal restructuring plan for more than 12 million users whose accounts are locked. The plan links the exchange’s balance-sheet shortfall to a December 2021 hack now valued at $319.5 million, and it seeks court approval for whatever repayment users ultimately accept.
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Users with locked BitMart accounts are the group most directly affected, because the exchange has now put a repayment plan in front of a court process. The immediate change is that there is a formal proposal on the table rather than only an unresolved shortfall, and that proposal is tied to the accounts of more than 12 million users.
In practice, the exchange is no longer treating the repayment issue as an open-ended question without a draft plan. The proposal also changes the stated size of the old hack from the amount reported at the time to $319.5 million, while the basic fact that the plan is aimed at users with locked accounts remains the same.
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Thefts of a similar size
| When | What happened | Figure |
|---|---|---|
| 4.7 years ago | Portal · Signature Verification Flaw incident | $326M |
| 41 days ago | Liquid Network incident | $320M |
| 2.4 years ago | DMM Bitcoin incident | $305M |
| 7 months ago | Drift Trade · Proxy Upgrade Hijack incident | $295M |
| 6 months ago | Kelp DAO incident | $293M |
4200 incidents stored · 24 were as large as this one or larger ($319.5M)