- BitMart appointed financial advisory firm Alvarez & Marsal on Wednesday to evaluate its assets and financial position.
- The exchange failed to publish a promised restructuring and business resumption roadmap by its self-imposed Sept. 9 deadline.
- BitMart will launch a web portal within five working days to collect user feedback on its future action plan.
Crypto exchange BitMart appointed financial advisory firm Alvarez & Marsal on Wednesday, meeting its self-imposed Sept. 9 deadline for an update, but did not release the restructuring and business resumption roadmap it previously said it was developing. According to Wednesday’s announcement, Alvarez & Marsal will work with BitMart’s legal advisers to evaluate the exchange’s assets, financial position, stakeholder issues, and potential paths forward.
The review will also consider proposals from unidentified third parties, BitMart said on X. BitMart stated it will create a dedicated web portal within five working days to collect user feedback on its action plan and future direction, with further updates to follow 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.” However, Echo Base CEO Roshan Dharia expressed disappointment, telling Cointelegraph, “What arrived was an advisor appointment and two new deadlines, with no reserve position, no asset inventory, no recovery estimate and no 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 requests for comment on this story.
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