BitMart has appointed restructuring firm Alvarez & Marsal as its external financial adviser, confirming the move on September 9, 2026—the self-imposed deadline the exchange had set to publish a restructuring and operational resumption roadmap. The promised roadmap was not published. A&M will work alongside legal advisers, including White & Case, to review the exchange's financial position, evaluate assets, address stakeholder questions and examine ways to resume user withdrawals in an orderly manner.
The exchange said it would launch a dedicated feedback portal within five business days and publish further updates on a rolling basis over the following three weeks. It also committed to appointing an independent third party to supervise operations and asset custody during the restructuring process. However, BitMart did not disclose a reserve position, asset inventory, recovery estimate or a concrete withdrawal timeline.
BitMart's crisis began on July 26, 2026, when it announced a gradual wind-down citing operating conditions, market environment and strategic direction. The same day it stopped new account creation, deposits and fresh orders, and its BMX token fell about 60% within 24 hours. Before restructuring talks, trading was expected to end August 26, with full closure planned for January 31, 2027. The exchange self-reported roughly $5.36 million in reserves, mostly in BMX, against daily trading volume near $272.6 million, and has not published a promised proof-of-reserves report from May 23.
Echo Base, an ad hoc creditor committee coordinator, called the A&M appointment “the most encouraging step BitMart has taken since July,” but CEO Roshan Dharia warned that only new deadlines arrived, “with no reserve position, no asset inventory, no recovery estimate, and no withdrawal timeline.” Founder Sheldon Xia said on August 8 that the exchange had not run off with funds, but offered no figures.
