BitMart says it is exploring whether some parts of its business can resume, less than a month after the exchange disclosed plans to wind down operations. The company also said it is considering payouts to creditors as it reviews how to proceed.
The exchange said it has been in discussions with users, stakeholders and advisers and has now retained law firm White & Case to examine restructuring options. Any restart, BitMart said, would depend on legal, financial and regulatory reviews, and the company expects to present a roadmap by Sept. 9.
Restart remains conditional
According to the company, the restructuring effort is still being shaped and no restart has been confirmed. BitMart said any return of services would come only after additional consultations with its community and after the relevant reviews are completed.
That leaves the exchange in a planning phase rather than an execution phase. The reference to creditor payouts suggests BitMart is weighing how to address claims alongside the possibility of preserving at least part of the platform’s operations.
User concerns continue
The update comes as users have reported withdrawal difficulties since August, adding urgency to the exchange’s attempt to define a path forward. At the same time, BitMart has warned users to rely on official communication channels while it responds to concerns and potential scams.
Former employees have also alleged that wages went unpaid. Founder Sheldon Xia rejected those allegations, calling them “fabricated rumors.” He has not disclosed BitMart’s reserves or given a timetable for resolving the reported issues.
Leadership tensions surfaced before closure plan
The restructuring process follows a leadership dispute that became public shortly before the shutdown announcement. Nenter Chow said BitMart removed him from the role of global chief executive on July 24.
Two days later, the exchange announced plans to close. The sequence has added another layer of uncertainty around the company’s internal governance at a time when it is trying to reassure users and counterparties.
Past security breach adds context
BitMart is also operating under the shadow of a major earlier security incident. In 2021, the exchange suffered a hack worth $196 million after attackers obtained access to a private key connected to hot wallets.
That breach is not directly tied to the current restructuring, but it remains part of the broader backdrop as BitMart tries to rebuild confidence. The next confirmed milestone is the company’s stated plan to outline a restructuring roadmap by Sept. 9.
Source: Coin Edition