The cryptocurrency exchange BitMart has appointed consulting firm Alvarez & Marsal (A&M) as its external financial advisor to assess the financial condition of the platform and develop a plan for potential operational recovery. The exchange announced this on September 9, 2026, amid prolonged restrictions on user asset withdrawals. A&M will analyze the available assets, liabilities, and financial position of the company, as well as assist in evaluating third-party proposals regarding the future of the platform.
The decision to engage a financial advisor is linked to BitMart's review of its development strategy. Earlier, at the end of July, the exchange announced plans to cease operations by January 31, 2027, but in August reported considering restructuring as an alternative to complete closure. Concurrently, BitMart has already engaged the law firm White & Case to assist with potential restructuring. The company plans to publish the next update on the assessment progress and short-term action plan within three weeks. At the same time, BitMart intends to launch a special web portal to collect user proposals and questions within five business days, as well as engage an independent third party to oversee asset custody during the restructuring period.
The exchange acknowledged user concerns regarding the ability to withdraw funds, the status of their assets, and further recovery procedures. The company stated that the relevant data must undergo verification by an independent financial advisor before public disclosure to ensure the accuracy and reliability of the information. BitMart also urged users to voice complaints and suggestions through legitimate channels and emphasized the need to avoid harassment or threats against company employees.