Converting My BitMart SL to Dollars Only Isn't Good Enough. Why I Say We Should Ask for SL Back as SL (Personal Opinion)

BitMart's initial plan, published on September 30, 2026 (UTC), has no way to get your deposited SL back as SL. I think we should ask for that option instead of only getting dollars. The reasons come from BitMart's own notice, and this is one writer's opinion.

The details of the plan and the money math are in My 100,000 SL Stuck on BitMart: How Much Do I Get Back?.

BitMart's plan has no way to get SL back as SL

According to BitMart's notice, deposited coins are first converted into dollar amounts. The notice doesn't list account balances by coin. It just says "tokens in the account". Coin names only show up in the ways of getting paid (USDC and so on) and in the hack loss table (Bitcoin, Ethereum, BNB and others). SL isn't mentioned anywhere. It doesn't say SL is treated differently either, so SL will most likely be calculated the same way.

There are three ways to receive the dollar amount. You can pick one or mix them.

1. Get paid out right away: you receive BitMart's cash on hand, stablecoins (coins built to match the dollar, like USDC and USDT) and BTC, ETH and SOL, in set proportions. It's for people who want out fast.
2. Recovery token: BitMart says it's still chasing the money lost in the 2021 hack. This is a "ticket" (token) that gives you a right to a share if that money comes back. The notice says the token is backed by recovered funds. If nothing is recovered, it's natural to assume nothing comes out of this token (my reading).
3. Continuation token: a ticket for two things. One is money from selling BitMart's investments (company shares and so on) and hard-to-sell assets later. The other is part of the profit if BitMart restarts its business. The profit share only exists if BitMart raises enough money to restart.

None of the three mentions SL by name, and "SL back as SL" isn't there.

In dollars, your share depends on the average price and on how values are set

According to BitMart's notice, this is how it works.

• The dollar amount is calculated from an average price from July 26, 2026 to a "specific reference time" still to be set. It's a weighted average meant to smooth out the ups and downs in that period. The notice doesn't say what it's weighted by or when the reference time is.
• A person appointed by the court is said to set the values fairly. The notice doesn't say what data that person uses.
• The notice says BitMart will work to keep management's cooperation going while this plan runs.
• The money to run the two tokens is expected to come from BitMart's management. That's not a firm promise. The recovery token costs token administration and the legal bills for chasing the hacked funds. The continuation token costs token administration and the running costs of a separate company (a special purpose vehicle) set up just to hold these assets.
• This money is described as "subordinated". The notice doesn't explain it. It generally means money that's paid back last, after other people's shares have been paid.
• The continuation token's "profit share" only exists if BitMart raises enough money to restart. The notice doesn't say how much.
• An investor has publicly offered to put 10 million USD into BitMart. BitMart's management judged that this is clearly not enough to solve the funding problem.

Here's what I think. Converting to dollars adds three more things to your share: the average price, the period it's measured over, and who sets the value with what data. If you get SL back, you don't need any of that. You just check whether the number of SL you deposited is right.

The wallet labeled "Bitmart" holds about 400 million SL, but I don't know if that matches users' holdings

Every wallet balance on SASEUL is public. If you look up wallet address 90c6dfd9…54ce on the SASEUL explorer (explorer.saseul.com), it shows about 403 million SL (403,128,755) as of October 8, 2026. One site that lets you search SASEUL wallets has put a "(Bitmart)" label on this address. The site's name is in the sources below. The label was written by that site itself, so it's neither a blockchain record nor confirmed by BitMart or SASEUL. That means I couldn't confirm the wallet belongs to BitMart. If it does, then there's at least some SL to give back.

But this number is the balance of one wallet. The total SL that BitMart users deposited can't be seen from outside. So what users actually hold may differ from this number. I also can't tell whether BitMart uses other wallets. The notice has neither the amount of SL BitMart holds nor the total SL users deposited.

According to BitMart's notice, the December 2021 hack took about 319.5 million USD worth of assets (calculated as of December 4, 2021), which created the deficit. It says most of the hard-to-sell assets are stakes in unlisted companies and altcoins (coins other than Bitcoin). It doesn't say which coins, or how they split between BitMart's own assets and customers' coins. It says detailed figures will come in a longer document after the feedback period ends.

So it's hard to say "all the SL is still there, so give it all back". It's equally hard to say SL is short. What I want to ask for is these three things.

1. Please add an option to receive SL as SL in the plan.
2. Please disclose the total SL users deposited and how much SL BitMart holds, so they can be matched against the public wallet balance.
3. If there isn't enough SL, please convert only the shortfall into dollars and share that out.

Sending SL as it is doesn't look harder than selling other assets and sharing out the cash (my view)

BitMart might say it doesn't have the staff to handle SL separately. The notice says staff faced the risk of having personal information exposed, and that online attacks greatly added to operating difficulties over the last two months. But sharing out dollars is work done by people too. Each user's balance has to be converted at the average price, and what they picked from the three ways has to be received and sorted. The notice says the court-appointed person handles this conversion and the management of payouts. Whoever does it, the work grows with the number of users. One of the things backing the continuation token is money from selling hard-to-sell assets, and the notice expects that turning these into cash will take a long time.

If there's enough SL, giving it back as SL means sending SL to each user's address. As I said above, there's no way to know if there's that much. The notice has no comparison of which is cheaper or faster. In my view, sending the number of SL as it is looks simpler than converting, selling and sharing out. So if I hear "we don't have the people to do it", I think it's reasonable to ask to see a cost comparison.

So what do I do? Say these three things in the October feedback period

BitMart's schedule is to hear from users in October, revise the plan in November, and file with the court between December 2026 and January 2027. It said it would first talk with the 50 users with the largest deposits within 3 to 4 weeks. If you're not one of them, you can still send your opinion through the Feedback Portal named in the notice.

1. The Feedback Portal is open at bitmart.com/portal. The announcement is in the sources below. This portal takes feedback, it doesn't process withdrawals.
2. Write the three points above briefly and submit them. Numbers and questions read better than angry words. There's an email you can copy and use right away in An email asking BitMart whether SL can be returned in kind.
3. Save your SL count and transaction history now.
4. Don't follow personal messages saying "we'll submit your feedback for you" or "we'll process you first". Be even more careful if they ask for money or a verification code.

Sources

• BitMart help center · Announcement on BitMart's Initial Indicative Proposal and Roadmap · checked through a screenshot of BitMart's official X post and a screenshot of the original help center page. The original page showed no posting date (X shows 2026-10-01 1:54 AM Korea time, 2026-09-30 16:54 UTC). Dollar conversion, the three ways, subordinated funds, talks with the top 50, the schedule, the hack loss table
• BitMart help center · Announcement on the Launch of the BitMart User Engagement Portal · Feedback Portal announcement (checked in an earlier post)
• SASEUL explorer · wallet 90c6dfd9…54ce · checked 2026-10-08 (SL balance 403,128,755.99, last transaction 2026-08-11)
• saseul.kr wallet search · this address carries a "(Bitmart)" label. The site wrote the label itself and it isn't an official confirmation

This is one writer's opinion, not investment advice, and I could be wrong. I hold SL. I checked the facts through a screenshot of an X post carrying BitMart's official notice and a screenshot of the original BitMart help center page (October 8, 2026).