BitMart freezes withdrawals, appoints advisor, no dates set

BitMart appointed Alvarez & Marsal to review finances and withdrawal options, but has not disclosed figures or reimbursement dates. A feedback portal and updates are promised within weeks.

BitMart has appointed Alvarez & Marsal as an external financial advisor to assess its financial position, assets, and ongoing withdrawal restrictions. This move follows BitMart’s suspension of operations and its failure to meet the September 9 deadline for presenting a recovery roadmap. The advisory firm will collaborate with BitMart’s legal team to explore options for resuming withdrawals in an orderly manner, evaluate third-party proposals, and formulate a short-term action plan. However, BitMart has yet to publish audited asset figures, recovery estimates for creditors, or a timeline for reimbursements. The exchange has pledged to launch a user feedback portal within five business days and to provide updates on the process and action plan within three weeks. Meanwhile, users and ad hoc committees are demanding greater transparency, as withdrawals remain frozen and the promised proof-of-reserves report has not been released.