Echo Base, an institutional firm focused on stable digital assets, helped organize a BitMart creditors' committee on Sept. 2, according to Bitcoin.com News. The committee represents users whose assets remain frozen on the exchange and has hired legal counsel to evaluate recovery options, one of which is seeking bankruptcy proceedings without pre-arranged funding. The move follows an earlier unanswered overture. On Aug. 6, Echo Base proposed a plan worth up to $10 million to support a pre-negotiated bankruptcy filing by BitMart. Echo Base says the exchange never responded, and that its current actions stem from BitMart ignoring both the restructuring proposal and user withdrawal requests. In parallel, Sonn Law Group has opened an investigation into users with $500,000 or more in frozen assets at BitMart, weighing potential claims and routes for asset recovery. Echo Base CEO Roshan Dharia cautioned that time is running short, noting BitMart's staffing plans only keep operations running until January 2027. The longer the delay, he said, the fewer workable options remain.
Echo Base helped pull together a BitMart creditors' committee on Sept. 2, according to Bitcoin.com News, giving users with frozen funds on the exchange a formal channel for recovery efforts.
The committee speaks for customers whose holdings remain stuck. It has retained legal counsel to review possible paths, and one option under discussion is pushing for bankruptcy proceedings without pre-arranged funding. Sonn Law Group, meanwhile, has opened an investigation into users with $500,000 or more tied up at BitMart, assessing potential claims and ways to bring the money back.
None of this came out of nowhere. On Aug. 6, Echo Base floated a proposal worth up to $10 million to back a pre-negotiated bankruptcy filing by BitMart. The exchange never answered, Echo Base says, and that silence on both the restructuring plan and users' withdrawal requests is what triggered the committee's formation.
CEO Roshan Dharia sees the window closing. BitMart's own staffing plans only keep operations running until January 2027, he noted. The longer the delay, the narrower the set of workable outcomes.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
