Echo Base forms BitMart claimholder group to recover assets

Echo Base, a firm specializing in stabilizing distressed digital-asset companies, has formed an ad hoc committee of claimholders to represent BitMart users with frozen assets. This move follows BitMart’s decision to wind down operations by January 31, 2027, and its failure to respond to a $10 million pre-negotiated bankruptcy restructuring proposal submitted by Echo Base on August 6.

The committee has retained legal counsel, including Young Conaway Stargatt & Taylor and Ashbury Legal, to evaluate recovery options. These options may include forcing an involuntary insolvency case. Additionally, the Sonn Law Group has launched an investigation for BitMart users with trapped funds totaling $500,000 or more.

Echo Base alleges that BitMart has failed to honor withdrawal instructions and has ignored formal demands. BitMart CEO Roshan Dharia has noted that delays in these processes may reduce recovery options before staff departures in early 2027.