BitMart misses roadmap deadline, appoints financial adviser as users wait for answers

BitMart blew past its own September 9 deadline for delivering a recovery roadmap to users, replacing it instead with a short announcement that a financial adviser has been brought on board. The exchange appointed Alvarez & Marsal, a well-known restructuring firm, to evaluate its financial position and explore options for orderly withdrawals. What BitMart did not provide: audited asset balances, creditor recovery estimates, or any kind of withdrawal timetable. The exchange committed to launching a user feedback portal within five working days and promised further updates in three weeks. A wind-down that keeps getting windier BitMart announced an orderly wind-down on July 26, 2026, citing unfavorable market conditions. That same day, the exchange stopped accepting new registrations, deposits, and trading orders. All trading activity was fully halted by August 26, with a complete platform closure targeted for January 31, 2027. Before the Alvarez & Marsal appointment, BitMart had already engaged White & Case as restructuring counsel. That firm was tasked with exploring options for creditor distributions and a possible phased restart of limited operations. An ad hoc committe...