BitMart has appointed Alvarez & Marsal as its financial advisor, but has not yet published the restructuring and business resumption roadmap it had promised by September 9. The exchange said Alvarez & Marsal will work with its legal advisors to evaluate its assets, financial position, stakeholder issues, and possible paths forward. The review will also consider proposals from third parties, BitMart stated on X.
BitMart plans to deploy a dedicated web portal within five working days to collect user feedback on its action plan and future direction. Further updates on the feedback process and action plan will be provided on a rolling basis over the next three weeks.
Echo Base, which organized an ad hoc committee of BitMart claimholders, called the appointment "the most encouraging step BitMart has taken since July."
Roshan Dharia, CEO of Echo Base, told Cointelegraph that the appointment was encouraging but lacked specific details, such as a reserve position, asset inventory, recovery estimate, and withdrawal timetable.
BitMart has faced scrutiny over its financial position and handling of customer assets since its July 26 wind-down announcement, after users reported withdrawal delays. Neither BitMart nor Alvarez & Marsal responded to Cointelegraph's requests for comment on this story.
