TL;DR
- BitMart appointed Alvarez & Marsal as financial advisor on September 9, the self-imposed deadline the exchange had set to publish its roadmap.
- The exchange did not present its asset inventory, recovery estimate, or withdrawal timeline, and promised a feedback portal within five business days.
- Echo Base, an ad hoc creditor committee, described the decision as positive but warned that only new deadlines arrived, with no concrete information.
BitMart appointed Alvarez & Marsal as its financial advisor on Wednesday, September 9, 2026, the date the exchange itself had set as the deadline to present a restructuring and operational resumption roadmap. The promised document was not published.
According to the official statement, Alvarez & Marsal will work alongside the exchange’s legal advisors to evaluate its assets, financial position, stakeholder issues, and possible paths forward. The review will also consider proposals from unidentified third parties, as the platform reported through its X account.
Update on the Appointment of Alvarez & Marsal as Financial Adviser and Near-Term Action Plan
Dear BitMart Users,
Following careful consideration, BitMart has appointed Alvarez & Marsal ("A&M") as its external financial adviser. A&M will assist BitMart and its legal advisers in…
— BitMart (@BitMartExchange) September 9, 2026
The exchange also announced it will launch a dedicated web portal to collect user feedback on its action plan and future direction within five business days. Additional updates would be published on a rolling basis over the following three weeks.
BitMart: No Numbers, No Deadlines, No Answers
Echo Base, the organization coordinating an ad hoc creditor committee for the exchange, described the appointment as “the most encouraging step BitMart has taken since July.” However, its CEO, Roshan Dharia, was blunt: “What arrived was an advisor appointment and two new deadlines, with no reserve position, no asset inventory, no recovery estimate, and no withdrawal timeline.”
BitMart’s situation deteriorated after July 26, 2026, when the exchange announced the start of a gradual wind-down of operations following user reports of withdrawal delays. Since then, the lack of transparency over the exchange’s real financial position and the handling of client assets have kept the market on edge.
Neither BitMart nor Alvarez & Marsal responded to requests for comment. The absence of concrete figures and the sequence of missed deadlines replaced by new commitments only deepen the uncertainty over the fate of affected users’ funds.
