BitMart Blames $319.5 Million Shortfall on 2021 Hack in Repayment Plan

BitMart has proposed its plan to repay over 12 million users locked out of their accounts, attributing a $319.5 million shortfall to a security breach that occurred almost five years ago.

The exchange's document, published on its help center after shutting down trading in late July, outlines three options for users: an upfront payout from BitMart's liquid holdings, a 'Restitution Token' tied to recovered assets from the 2021 hack, or a 'Continuum Token' that would trade on decentralized exchanges and gain value from BitMart's investments.

The total breakdown of stolen amounts from the December 2021 hack is significantly higher than initially reported, with $164.1 million in Ether, $96.5 million in BNB, $51.5 million in Bitcoin, and $7.4 million in other currencies being listed as losses.