BitMart Taps Alvarez & Marsal to Review Assets Amid Trading Halt

BitMart, a major cryptocurrency exchange, has appointed Alvarez & Marsal (A&M) as its financial advisor to review its assets and withdrawal arrangements. The move comes after BitMart halted trading on August 26 due to operational difficulties.

The exchange plans to use A&M's expertise to assess its current operations, asset position, and stakeholder claims. This includes examining the potential for a phased business restart or proposals from unidentified third parties.

BitMart has given itself three weeks to produce an action plan, which will outline the proposed steps it will take moving forward. The exchange also plans to establish a dedicated website where users can submit their opinions about withdrawals and BitMart's future direction.