[Update, 06:00 UTC, Sept. 10: Expands Echo Base CEO Roshan Dharia’s commentary.]
BitMart appointed Alvarez & Marsal as its financial adviser on Wednesday, its self-imposed Sept. 9 deadline for an update, but did not publish the restructuring and business resumption roadmap it said it was developing.
Alvarez & Marsal will work with BitMart’s legal advisers to evaluate the exchange’s assets, financial position, stakeholder issues and possible paths forward, according to Wednesday’s announcement. The review will also consider proposals from unidentified third parties, BitMart said on X.
BitMart said it will deploy a dedicated web portal within five working days to collect user feedback on its action plan and future direction. It said further updates on the feedback process and action plan would follow on a rolling basis over the next three weeks.
Echo Base, which organized an ad hoc committee of BitMart claimholders, called the appointment “the most encouraging step BitMart has taken since July.”
“They are restructuring practitioners rather than sale advisors, and in most situations of this type their involvement signals a bankruptcy filing,” Roshan Dharia, CEO of Echo Base, told Cointelegraph.
“What arrived was an advisor appointment and two new deadlines, with no reserve position, no asset inventory, no recovery estimate and no withdrawal timetable,” he added.
BitMart has faced scrutiny over its financial position and handling of customer assets since its July 26 wind-down announcement, after users reported withdrawal delays.
Neither BitMart nor Alvarez & Marsal responded to Cointelegraph’s requests for comment on this story.
Related: BitMart account demands founder explain funds status, Xia calls claims ‘fabricated’
