BitMart appoints Alvarez & Marsal as financial adviser

  • BitMart hired Alvarez & Marsal as financial adviser during its wind-down.
  • BitMart missed its Sept. 9 deadline to publish a restructuring roadmap.
  • BitMart plans a user-feedback channel within five business days and updates over three weeks.

BitMart missed its self-imposed Sept. 9 deadline to publish a restructuring roadmap for its wind-down, instead disclosing that it had hired Alvarez & Marsal as financial adviser. The crypto exchange said it will open a user-feedback channel within five business days and provide staged updates over the following three weeks. It has still not released reserve information, an asset inventory, verified balance-sheet figures or a timetable and projections for customer repayments. The engagement follows BitMart's July 26 announcement of an orderly wind-down, the Aug. 26 suspension of trading and its target to close the wider platform by Jan. 31, 2027.

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