Crypto exchange BitMart met its self-imposed Sept. 9 deadline with a single disclosed action: it appointed Alvarez & Marsal (A&M) as financial adviser. The restructuring and business resumption roadmap that users were waiting for did not arrive the same day.
Sept. 9 update centered on adviser appointment
In a post on X, BitMart said A&M will work alongside legal counsel to assess the exchange’s asset position, financial condition, stakeholder disputes, and possible paths forward.
The statement also said the review process would evaluate proposals from unnamed third parties, suggesting that an external restructuring or acquisition remains on the table.
No roadmap, no asset details, no withdrawal schedule
What BitMart did not provide on Sept. 9 was the substance many creditors had expected: no restructuring blueprint, no recovery plan for operations, no asset breakdown, no liquidation progress update, and no timeline for withdrawals.
Instead, the exchange said it would launch a dedicated user feedback portal within five business days to collect views on proposed actions and the platform’s future direction. It added that updates would be released on a rolling basis over the next three weeks.
That leaves users still waiting roughly 45 days after BitMart announced a wind-down on July 26, without a clear picture of available assets or when withdrawals might resume.
Echo Base says the company offered two new deadlines
Echo Base, an ad hoc committee formed by BitMart creditors, described the adviser appointment as “the most encouraging step BitMart has taken since July.” At the same time, Echo Base CEO Roshan Dharia gave a blunter assessment in comments to Cointelegraph.
“We received an adviser appointment and two new deadlines, with no explanation of reserve funds, no asset list, no recovery estimate, and no withdrawal timeline.”
Since BitMart entered wind-down, creditors have organized independently to seek information as official communication remained limited. A&M’s arrival at least creates a framework for an independent third-party review.
BitMart is still on a restructuring track
According to the report, exchanges in wind-down situations generally move toward one of two outcomes: liquidation or a third-party restructuring or acquisition. BitMart is currently following the second route.
A&M is a standard name in corporate bankruptcy and restructuring work, and it has also appeared in crypto-related cases including BitMEX and Three Arrows Capital. For creditors, its appointment signals a more formal process, but it also points to a review that could take months rather than delivering a near-term withdrawal schedule.
What comes next
- Whether the user feedback portal promised within five business days offers substantive information or serves mainly as a communications channel;
- Whether an initial A&M review could reveal an asset shortfall and push BitMart back toward liquidation;
- Whether any third-party proposal raises disputes over control and creditor priority.