Crypto exchange BitMart has appointed Alvarez & Marsal as its financial adviser following a missed deadline for a restructuring roadmap. The exchange provided no asset figures or withdrawal timetable, but will launch a feedback portal for users.
The appointment of a financial adviser marks a step toward addressing BitMart's financial difficulties and user asset concerns, but the lack of concrete recovery details leaves claimholders uncertain about the future of their funds.
Crypto exchange BitMart has appointed Alvarez & Marsal as its financial adviser, missing its self-imposed Sept. 9 deadline for a restructuring and business resumption roadmap. The firm will work with BitMart's legal advisers to evaluate the exchange's assets, financial position, and stakeholder issues, considering potential paths forward and proposals from unidentified third parties.
BitMart stated it will deploy a dedicated web portal within five working days to collect user feedback on its action plan and future direction. Additional updates are expected on a rolling basis over the next three weeks.
Echo Base, representing a committee of BitMart claimholders, described the appointment as the "most encouraging step BitMart has taken since July." However, Roshan Dharia, CEO of Echo Base, noted the absence of a reserve position, asset inventory, recovery estimate, or withdrawal timetable.
BitMart has been under scrutiny since announcing its wind-down on July 26, following user reports of withdrawal delays.
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