BitMart Names Alvarez & Marsal Amid Ongoing Uncertainty
BitMart, a cryptocurrency exchange that has been struggling to recover from its abrupt shutdown in July, has appointed Alvarez & Marsal as its external financial advisor. The appointment was made on September 9, 2026, which coincided with the self-imposed deadline set by BitMart for publishing its restructuring and operational resumption roadmap.
The exchange had promised to publish a document outlining its asset inventory, recovery estimate, withdrawal timeline, and other key details, but it failed to do so. Instead, Alvarez & Marsal will work alongside BitMart's legal advisors to evaluate the exchange's assets, financial position, stakeholder issues, and possible paths forward.
BitMart has also announced that it will launch a dedicated web portal for collecting user feedback on its action plan and future direction within five business days. However, Echo Base, an ad hoc creditor committee coordinating efforts to recover users' funds, expressed skepticism about the appointment, stating that 'What arrived was an advisor appointment and two new deadlines, with no reserve position, no asset inventory, no recovery estimate, and no withdrawal timeline.'