BitMart misses its Sept. 9 roadmap deadline and names Alvarez & Marsal as financial adviser

BitMart said on Wednesday that it has appointed Alvarez & Marsal as financial adviser, but it still did not publish the restructuring and business resumption roadmap it said was coming by its self-imposed Sept. 9 deadline. For high-risk payment and crypto operators, the useful part is not the headline; it is that the exchange is now formalizing the review of assets, liabilities and stakeholder claims while user withdrawal questions remain open.

1. According to BitMart, Alvarez & Marsal will work with the exchange’s legal advisers to evaluate its assets, financial position, stakeholder issues and possible paths forward. BitMart also said the review will include proposals from unidentified third parties, which suggests the process is no longer just an internal cleanup exercise.
2. BitMart said it will launch a dedicated web portal within five working days to collect user feedback on its action plan and future direction. It added that further updates on the feedback process and action plan will arrive on a rolling basis over the next three weeks.
3. Echo Base, which organized an ad hoc committee of BitMart claimholders, called the adviser appointment “the most encouraging step BitMart has taken since July.” Roshan Dharia, Echo Base’s CEO, said: “What arrived was an advisor appointment and two new deadlines, with no reserve position, no asset inventory, no recovery estimate and no withdrawal timetable.”
4. BitMart has been under scrutiny over its financial position and handling of customer assets since its July 26 wind-down announcement, after users reported withdrawal delays. That is the operational detail PSPs and counterparties watch closely: once withdrawals slow and asset disclosure lags, every new deadline starts to matter a lot more than the press release around it.

Neither BitMart nor Alvarez & Marsal responded to Cointelegraph’s requests for comment on the story.