Crypto exchange BitMart has hired law firm White & Case to develop a restructuring plan that may combine a phased restart of certain operations with creditor distributions, just days before its final trading deadline. The move follows BitMart’s July decision to cease operations after nine years, halt new registrations, deposits and trading orders, and schedule trading to end August 26, with full platform termination planned for January 31, 2027. Users have reported blocked withdrawals, while an open letter from BitMart’s Chinese-language X account urged proof-of-reserves disclosure, later described as the result of a hack. BitMart’s BMX token has fallen more than 86 percent this year.
This update represents a notable development in the Crypto sector. Organizations and founders tracking this space should evaluate potential strategic and technical implications on their operations.