BitMart creditors organize after $10M rescue offer

Echo Base formed an ad hoc committee of BitMart claimholders on Sept. 2, following the crypto exchange’s decision to wind down its operations. Summary Echo Base formed an ad hoc committee representing BitMart customers with assets frozen after shutdown. Echo Base says BitMart never answered its proposed $10 million restructuring commitment submitted August 6. The committee retained two law firms and is assessing bankruptcy, regulatory and other recovery options. No court has determined whether customers retain ownership rights over assets held through BitMart accounts. BitMart appointed restructuring counsel and promised users a detailed roadmap by September 9, 2026 publicly. In a statement shared directly with crypto.news, Echo Base said the committee represents a “significant and growing aggregate balance” of frozen customer assets. It did not disclose the number of participating claimholders or the value of their claims. The special situations firm said the group retained Young Conaway Stargatt & Taylor and Ashbury Legal. The committee is considering restructuring, regulatory and insolvency remedies. Echo Base says its $10 million offer went unanswered Echo Base said it subm...