BitMart appoints Alvarez & Marsal as financial adviser

BitMart has appointed the financial advisory firm Alvarez & Marsal (A&M) to assist with its ongoing restructuring and financial assessment. The announcement came on September 9, a deadline the exchange had previously set for providing a business resumption roadmap, though the specific roadmap was not published.

A&M will work alongside BitMart’s legal advisers to evaluate the company’s assets, financial position, and stakeholder issues. The firm is also tasked with helping arrange for what the exchange described as “orderly withdrawals” and supporting a near-term action plan. BitMart intends to provide further updates on a rolling basis over the next three weeks.

As part of its immediate commitments, BitMart plans to launch a dedicated web portal within five working days to collect user feedback regarding its action plan. The exchange also intends to appoint an independent third party to provide oversight of its operations.

While Echo Base, an organization representing BitMart claimholders, called the appointment “the most encouraging step BitMart has taken since July,” some critics noted the update lacked a reserve position, asset inventory, recovery estimates, or a specific withdrawal timetable. BitMart has faced significant scrutiny since July 26 following reports of withdrawal delays and concerns regarding the handling of customer assets.