BitMart has failed to deliver the restructuring and business resumption roadmap it promised by September 9, instead announcing the appointment of advisory firm Alvarez & Marsal to begin a financial review of the troubled exchange.
Adviser Appointed, Roadmap Absent
The announcement came on Wednesday, the same day BitMart had set as its self-imposed deadline for a progress update. Alvarez & Marsal will collaborate with BitMart’s legal advisers to assess the exchange’s assets, overall financial position, stakeholder concerns, and potential paths forward. The review will also weigh proposals from unnamed third parties, according to a statement BitMart posted on X.
Despite the adviser appointment, BitMart offered no asset figures, no withdrawal timetable, and no concrete recovery estimate alongside the announcement. The exchange said it will launch a dedicated web portal within five working days to gather user feedback on its action plan and future direction, with further updates to follow on a rolling basis over the following three weeks.
Claimholders Group Offers Cautious Welcome
Echo Base, which organised an ad hoc committee representing BitMart claimholders, acknowledged the move as a step forward while flagging what was missing.
‘The most encouraging step BitMart has taken since July,’ Echo Base said of the adviser appointment.
However, Roshan Dharia, CEO of Echo Base, was blunt about the shortcomings. ‘What arrived was an advisor appointment and two new deadlines, with no reserve position, no asset inventory, no recovery estimate and no withdrawal timetable,’ Dharia said.
Background: Months of Scrutiny Since July Wind-Down
BitMart has been under mounting pressure since announcing a wind-down on July 26, after users began reporting delays in processing withdrawals. The exchange has faced continued scrutiny over how it has handled customer assets and communicated with affected users in the weeks since.
Neither BitMart nor Alvarez & Marsal responded to a request for comment on the matter.
