BitMart has published a preliminary plan to repay more than 12 million users whose accounts and withdrawals have been restricted since the exchange began shutting down its trading platform on July 26. The exchange attributes its balance-sheet hole to a December 2021 security breach, now valued at $319.5 million, and proposes a court-approved process for customer payouts. The plan would convert each account into a Dollarised Account Balance based on average token prices between July 26 and a yet-to-be-set record date. A court-appointed officer would verify the calculations. Users could choose an upfront pro rata distribution of BitMart liquid assets, a Restitution Token tied to assets potentially recovered from the hack, a Continuum Token linked to investments, illiquid-asset sales and possible future profits, or a combination of options. BitMart said the 2021 theft included $164.1 million in Ether, $96.5 million in BNB, $51.5 million in Bitcoin and $7.4 million in other currencies. Its initial public estimate was about $150 million, while Peckshield estimated losses near $200 million. The exchange is working with Alvarez & Marsal and White & Case, plans consultations with its 50 largest account holders, and targets a court application in December or January after revising the proposal. Echo Base has separately organized a creditor group to consider forcing BitMart into bankruptcy.