BitMart Taps A&M for Financial Review Amid Trading Halt
BitMart, a cryptocurrency exchange, has appointed Alvarez & Marsal (A&M) as its financial adviser to review its assets and withdrawals. The appointment comes after BitMart halted trading in July and suspended user withdrawals due to operating conditions and market environment.
The exchange said A&M will work alongside its legal advisers to assess its finances, stakeholder matters, and arrangements for an orderly withdrawal process. BitMart also plans to examine a potential phased business restart and proposals from unidentified third parties.
Despite the appointment of A&M, the trading halt remains in place, and users have not been given a confirmed repayment schedule. The exchange has not published independently verified asset and liability figures, customer shortfall estimates, or expected recovery rates.