Echo Base formed an ad hoc committee of BitMart claimholders on September 2 after the exchange suspended services and began winding down operations. The committee represents a significant and growing aggregate balance of frozen customer assets, although it has not disclosed the number of participants or total claims. It retained Young Conaway Stargatt & Taylor and Ashbury Legal to assess restructuring, regulatory and insolvency remedies. Echo Base says BitMart did not answer its August 6 proposal to provide up to $10 million for a pre-negotiated bankruptcy filing, while the exchange has not publicly accepted the offer. BitMart appointed White & Case as restructuring counsel and said it would issue a roadmap by September 9, 2026, potentially covering a phased restart and creditor distributions. The committee is also examining whether qualifying creditors could pursue an involuntary insolvency proceeding, but no decision has been made and no court has ruled on customers’ ownership rights over assets held through BitMart accounts. BitMart halted new registrations, deposits and new orders before ending trading services on August 26; it initially scheduled a full platform shutdown for January 31, 2027, while later considering an alternative restructuring plan.