BitMart has launched a formal channel for affected users to submit questions and proposals, one week after bringing in restructuring firm Alvarez & Marsal as a financial adviser. The move gives customers a place to send concerns, but it does not let them withdraw funds or alter account balances.
The exchange has also not provided fresh information on several issues users have been pressing for, including reserve figures, a recovery estimate, a refund path, or a timetable for withdrawals. That has added to frustration among affected customers and the claimholder group Echo Base.
What the new portal does
According to BitMart’s blog post, the new user engagement portal is designed to collect questions, concerns, and restructuring proposals from users affected by the exchange’s ongoing wind-down and review process.
BitMart has not presented the portal as a claims or withdrawal system. Filing a ticket through the channel does not process a withdrawal, and it does not change the status of any account or assets held on the platform.
Why users remain dissatisfied
The portal arrives after a week of waiting since BitMart announced Alvarez & Marsal’s appointment, but it does not answer the core questions many customers have been asking for months. No reserve figures have been released, and the company has not shared a recovery timeline or refund details.
Echo Base, an ad hoc group representing BitMart claimholders, has continued to voice dissatisfaction alongside other affected users. The group has been organizing customers as uncertainty persists around the eventual treatment of stuck funds.
How the situation developed
The current dispute traces back to July 26, when BitMart said it would wind down after nine years in operation. On that date, the exchange halted new accounts, deposits, and new orders.
Trading later ended on August 26. At the time, BitMart had said the full platform closure was scheduled for January 31, 2027. On August 21, however, the company adjusted its position, saying it might pair creditor payouts with a phased restart of some operations. It also brought in White & Case as restructuring counsel.
Meanwhile, Echo Base said it had formed an ad hoc committee of BitMart claimholders and retained two law firms after what it described as an unanswered funded rescue offer.
What BitMart says will come next
BitMart has said additional details are still to come. The company has promised to outline its action plan and consultation process within three weeks of its September 9 announcement.
It has also reiterated that an independent third party will be appointed to oversee operations and hold assets during the review. For now, that remains a stated next step rather than a completed measure, and the new portal does not change users’ immediate access to funds.
Source: Cryptopolitan