My 100,000 SL Are Stuck on BitMart. How Much Would I Get Back? I Worked It Out in KRW and USD

I read the notice BitMart published on September 30, 2026 myself on October 1 and summarized it. The money calculations rest on my own assumptions.

The background is in What happens to SL withdrawals if BitMart closes. How far you can trust this notice is in a separate post.

The plan converts deposited coins into dollars and shares them out in three ways

It's like a storage counter that closed down and said, "We'll pay you back the value of your items in dollars."

1. All deposited coins are converted into dollars. The price is an average from July 26, 2026 to a date still to be set, and a person appointed by the court sets the values. It's a weighted average, but the notice doesn't say what it's weighted by.
2. You pick one of three ways to receive the dollar value, or mix them.
3. BitMart's plan is to have all of this confirmed through a court process.

The three ways are:

• Get paid out right away: you receive cash (fiat money), stablecoins such as USDC and USDT, and major coins such as BTC, ETH and SOL, in set proportions.
• Recovery token: a token tied to money that comes back if the funds lost in the 2021 hack are recovered.
• Continuation token: a new token tied to the remaining investment assets, the proceeds from selling hard-to-sell assets, and part of the profit if the business can reopen.

The notice doesn't say what the two tokens would be worth. The schedule aims for feedback in October 2026, a revised plan in November, and a court filing between December and January 2027. The notice never mentions the name SL, so whether SL is handled the same way is still unknown.

At 3 KRW per SL, 100,000 SL starts at 300,000 KRW (about 222 USD)

As an example, I assumed 1 SL = 3 KRW (about 0.0022 USD) and used 1,350 KRW per USD (the rate was in the 1,350 KRW range around October 1, 2026). I also assumed SL would be converted the same way as in this plan. All of these numbers are assumptions I made.

The real average price can only be worked out once BitMart sets the reference time. BitMart said it would announce the share you'd get back in an expected recovery rate report, but that report hasn't come out yet.

The 10% and 50% are numbers I picked with no basis. What matters in this table isn't the amounts, it's that the result swings a lot with the share. If the real average price is double 3 KRW, every cell doubles, and if it's half, every cell halves. Once the reference is set, multiply your own SL count by the real average price, the exchange rate and the share, and work it out again.

All you can do is wait. Watch out for offers to apply for you and for token trading

• There's nothing urgent to do. The plan isn't final, and applications to choose a way haven't started.
• Check your SL count in the BitMart app and download your transaction history. Saving a screenshot of the SL price chart from July 26 onward will also help you compare later when the average price comes up.
• Don't follow any message saying "we'll apply to choose for you", "we'll buy tokens for you first" or "pay a fee and we'll process you first". BitMart said it never asks for money or verification codes through personal messages (see the earlier post).
• If someone shows up buying or selling tokens or certificates, don't rush. Their value hasn't been set.

The notice doesn't say if you can get paid in KRW, or if SL is calculated the same way

Here are three things Korean users will probably wonder about.

• The notice lists cash (fiat money), stablecoins such as USDC and USDT, and major coins such as BTC, ETH and SOL. It doesn't say if you could get paid in KRW.
• The name SL doesn't appear in the notice even once. Whether SL is converted the same way is unknown.
• Tax and reporting on money you receive aren't covered. I haven't been able to check that either.

Four things haven't come out yet. I'll add them to this post when they do

1. The expected recovery rate report for each option
2. The reference time for the average price
3. The result of the October feedback round, and the plan as revised in November
4. A notice on how SL will be handled

When a new notice comes out, I'll post it as a new article or in the news roundup.

Sources

• BitMart help center · Announcement on BitMart's Initial Indicative Proposal and Roadmap · posted 2026-09-30, checked 2026-10-01
• BitMart help center · Update on the Appointment of Alvarez & Marsal as Financial Adviser and Near-Term Action Plan · posted 2026-09-09, checked 2026-10-01
• BitMart help center · Important Notice Regarding the Orderly Cessation of BitMart Operations · posted 2026-07-26 (says it doesn't ask for money or verification codes through personal messages)
• KB Kookmin Bank, KB Think · [October 1] Exchange rate trends and outlook (Korean) · checked 2026-10-01 (Seoul close on September 30: 1,352.8 KRW per USD, outlook for October 1: 1,350 to 1,361 KRW)

This is one writer's reading, not investment advice, and I could be wrong. I hold SL. The SL price, exchange rate and share returned in the calculation above are assumptions to help you understand, not real values or forecasts. For the facts, I opened and checked BitMart's official notices myself on October 1, 2026.