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BitMart appoints Alvarez & Marsal after missing Sept. 9 roadmap deadline
The exchange did not publish its restructuring and business resumption plan, and it plans a dedicated feedback web portal within five working days during the adviser review.
BitMart missed its self-imposed Sept. 9 deadline to publish a restructuring and business resumption roadmap, even after appointing Alvarez & Marsal as its financial adviser, Cointelegraph reported. The exchange gave no asset figures and did not set out a withdrawal timetable in connection with the missed update.
Alvarez & Marsal will work with BitMart legal advisers to evaluate the exchange’s assets, financial position, stakeholder issues, and possible paths forward, according to the announcement cited by Cointelegraph. The review will also consider proposals from unidentified third parties.
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 also plans further updates on the feedback process and action plan on a rolling basis over the following three weeks, Cointelegraph added.
Cointelegraph also noted that BitMart has faced scrutiny over its financial position and its handling of customer assets since it announced a wind-down on July 26 after users reported withdrawal delays. Echo Base CEO Roshan Dharia said the outcome was essentially an advisor appointment and new deadlines without an inventory, reserve position, recovery estimate, or withdrawal timetable, according to the outlet.