Hacks & Security
Bearish
BitMart Proposes Court-Backed Repayment Plan for 2021 Hack Users
Image: UnchainedBitMart released a preliminary court-backed repayment plan for users affected by its December 2021 hack. The plan will convert user account balances to a single dollar value using weighted average token prices from July 26, 2026. Users can choose to receive fiat, stablecoins, or new tokens tied to the exchange. BitMart will consult its 50 largest users over the next three to four weeks, revise the plan in November, and file for court approval in December 2026 or January 2027.
Key points
- The 2021 BitMart hack drained roughly $319.5 million in user and exchange reserves.
- The preliminary plan converts user balances to a dollar value using July 26, 2026 token prices.
- Users can elect to receive fiat, stablecoins, or new exchange tokens under the proposal.
- BitMart will consult its 50 largest users over the next three to four weeks before revising the plan.
Why it matters
The plan offers a structured path for users to recover funds lost in the 2021 hack, pending court approval. Ongoing bankruptcy discussions and withdrawal restrictions have left user funds inaccessible until the proposal is sanctioned.
What's unclear
Unchained reports three payout routes for users, while Crypto Briefing describes two broad payout paths.
The exact percentage return per payout option and the final record date for balance pricing have not been disclosed.
Sources · 2 publishers
Crypto Briefing
Tier 2
BitMart proposes court-backed repayment plan for users hit by 2021 hack
Coverage timeline
- First reported by Unchained
- Confirmed by Crypto Briefing
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
