BitMart said Friday it is developing a potential restructuring plan that could combine a phased restart of some operations with distributions to creditors, less than four weeks after telling users it would wind down entirely. The Cayman Islands-based exchange said it has appointed law firm White & Case as restructuring counsel and said it will publish a roadmap no later than Sept. 9.
The announcement landed days before BitMart’s trading deadline. The exchange said on July 26 that it would cease operations after nine years, immediately halting new registrations, deposits and new trading orders and moving futures accounts into reduce-only mode. The exchange said trading would end on Aug. 26, with the platform set to terminate on Jan. 31, 2027. The July notice cited operating conditions, the market environment and future strategy.
Users have been reporting blocked withdrawals since the July announcement. On Aug. 17, an open letter posted from BitMart’s Chinese-language X account called on founder Sheldon Xia and purported partner Nancy Li to open the company’s wallets, assets, liabilities and usable reserves to independent verification by Aug. 19. Lee said the account had been hacked and described the claims as fabricated rumors, adding that he would file a police report.
BitMart’s BMX is down over 86% this year.
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