BitMart said Wednesday that it has appointed Alvarez & Marsal as its financial adviser, landing on the exchange’s self-imposed Sept. 9 deadline for an update but without publishing the restructuring and business resumption roadmap it had previously said it was developing.
Adviser review will cover assets and possible paths forward
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 possible paths forward.
BitMart also said on X that the review will consider proposals from unidentified third parties.
User feedback portal to go live within five working days
The exchange said it will set up a dedicated web portal within five working days to collect user feedback on its action plan and future direction.
BitMart added that more updates on the feedback process and the action plan will be issued on a rolling basis over the next three weeks.
Echo Base calls the move encouraging, but flags missing disclosures
Echo Base, which organized an ad hoc committee of BitMart claimholders, described the appointment as 「the most encouraging step BitMart has taken since July」.
Roshan Dharia, CEO of Echo Base, told 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.」
Scrutiny has continued since the July 26 wind-down announcement
BitMart has been under scrutiny over its financial position and its handling of customer assets since announcing a wind-down on July 26, after users reported withdrawal delays.
Cointelegraph said neither BitMart nor Alvarez & Marsal responded to its requests for comment on the matter.