Financial adviser hired as trading halt continues
BitMart has appointed Alvarez & Marsal as its external financial adviser, the exchange said on Sept. 9. The firm will work with BitMart’s legal advisers to review the exchange’s finances, asset position and withdrawal arrangements. The appointment follows the suspension of trading and an earlier wind-down notice. It does not lift the halt or give users a confirmed repayment schedule.
BitMart said the review is needed before it releases financial information. The exchange wants future disclosures to be accurate, though it did not say what records A&M will examine. It also did not promise a full public report or an independently audited balance sheet. A check of A&M’s website did not show a separate statement confirming the engagement at the time of reporting.
Users still lack clear withdrawal answers
Withdrawal limits remain a central concern. BitMart acknowledged that users have faced restrictions and uncertainty. It said withdrawal procedures, asset status and next steps are under review. But the company did not say how many users cannot withdraw, which assets are affected or how much customer property is waiting for release. There is also no date for clearing pending requests.
The exchange plans to appoint another independent party to supervise operations and asset custody during the review. It did not name that party or explain how much control it would have over wallets, private keys and transaction approvals. That leaves key questions open. Users still do not have verified figures comparing available assets with customer liabilities. No court-supervised restructuring, bankruptcy filing or regulator-led creditor process has been announced.
Three-week action plan and possible restart
BitMart said it will release more details over the next three weeks. It plans to announce an action plan, a user consultation process and feedback channels. The exchange also intends to launch a website where users can submit views on withdrawals and BitMart’s future. It promised the link within five business days of the Sept. 9 announcement.
A business restart is one option under review, not a commitment. BitMart said it would consider a phased restart and proposals from third parties. It did not identify investors, buyers or financing sources. Any restart would depend on the financial review, available assets, legal advice and talks with stakeholders. User feedback may shape the assessment, but the planned portal is a consultation channel, not a formal creditor vote.
What comes next
The next firm deadline is the feedback portal within five business days. More action-plan details are expected within three weeks, perhaps by the end of September. The most important disclosures will be verified asset and liability figures, the status of pending withdrawals and the identity of the proposed custody supervisor. Until then, BitMart’s financial condition and users’ expected recoveries remain unknown.
