BitMart Users Unite in Bid to Recover Locked Funds Amid Exchange Shutdown
A group of institutional and retail users affected by BitMart's shutdown has formed an ad hoc creditors' committee to recover locked funds. Echo Base, a special situations firm, formalized the creation of the committee on September 2, 2026.
The move follows the exchange's management failure to respond formally to a capital injection proposal submitted on August 6, 2026. The $10 million offer aimed to fund an orderly bankruptcy process, with Echo Base retaining law firms Young Conaway Stargatt & Taylor, LLP and Ashbury Legal PC to evaluate legal recovery and insolvency avenues.
The lawsuit filed by Echo Base affiliate on August 8, 2026, noted that the exchange's user agreement does not transfer title to deposited crypto assets. According to BitMart's last update on August 21, 2026, management pledged to present a definitive roadmap for resuming certain operations by September 9, 2026.