BitMart proposes court-backed repayment plan for 2021 hack victims

BitMart has released a preliminary plan to repay users following its 2021 hack and the subsequent winding down of its platform. The proposal converts user account balances into a dollar figure based on weighted average prices from July 26. Users may choose between an upfront pro rata payout, a 'Restitution Token' backed by recovered funds, or a 'Continuum Token' linked to future business profits and asset sales. The exchange reported that the 2021 hack resulted in a $319.5 million shortfall, which it managed for years before facing recent market pressures.