BitMart Unveils Plan to Recover from $319.5 Million Balance Shortfall
BitMart, a cryptocurrency exchange, has unveiled a plan to resolve its financial issues, which include a balance shortfall of nearly $319.5 million.
The exchange was hacked in December 2021, resulting in the loss of $319.5 million in digital assets, including $51.5 million in Bitcoin, $164.1 million in Ethereum, $96.5 million in BNB, and $7.4 million in other assets.
The company estimates that the balance shortfall was exacerbated by a decline in revenue and losses from futures trading, as well as social media attacks by wash-trading groups that triggered panic withdrawals.
Users will be offered three options to recover their funds, including an immediate payout, a restitution token, and a continuum token backed by the exchange's investments and future profits.