# BitMart Holds Two Formal Consultations and Starts Legal Drafting By John Kim Canonical URL: https://www.tokenpost.com/news/business/56634 Published: 2026-11-13T12:29:34.000Z Updated: 2026-11-13T12:29:34.000Z Section: Business > Meetings on Nov. 2 and Nov. 12 informed work on recovery options, but rates, final options and a withdrawal timetable remain undisclosed. BitMart has held two formal consultations with invited members of its top 50 user group and begun drafting detailed legal documents for a proposed restructuring, preparing to seek court approval while recovery details and withdrawal timing remain unresolved. The meetings took place Nov. 2 and Nov. 12. BitMart and its advisers are reviewing participants’ feedback to shape proposed recovery options and their terms. The exchange has not disclosed specific recovery rates or final recovery options, and has not provided a timetable for restarting withdrawals. The drafting work follows BitMart’s Sept. 30 [preliminary proposal for unsettled user balances](). It considered proportional distributions of liquid assets and tokens tied to future asset recoveries. BitMart has attributed its balance-sheet shortfall chiefly to losses from a 2021 hack, valued at about $319.5 million at the time. BitMart’s timetable targets an application for court approval between December 2026 and January 2027. The exchange announced a wind-down in July, ended spot and futures trading Aug. 26, and plans to end operations Jan. 31, 2027. BitMart warned users that it does not offer a paid service to speed withdrawals and will not request passwords, two-factor authentication codes, private keys or recovery phrases. ## Links in this article - [preliminary proposal for unsettled user balances](https://www.tokenpost.com/news/business/25989)