BitMart has appointed global restructuring firm Alvarez & Marsal (A&M) to independently review its assets, liabilities, and withdrawal process as the exchange maps out its next steps after halting trading in late August. The move is designed to bring more clarity to users, but it does not immediately restore withdrawals or confirm how much customer money can be returned.
What BitMart announced on September 9
On September 9, 2026, BitMart said it hired A&M as an external financial adviser to work alongside its legal team, including restructuring counsel White & Case. According to the exchange, A&M will assess BitMart’s financial position, stakeholder claims, and the arrangements needed for an “orderly withdrawal” process. BitMart also indicated it is considering a potential phased restart of parts of the business and is open to proposals from third parties, though no investors or buyers have been named.
Importantly, the appointment does not reverse the trading halt that took effect on August 26, and it does not provide a confirmed timetable for when users will be able to withdraw funds. BitMart has not yet published independently verified figures for assets versus customer liabilities, nor has it disclosed expected recovery rates for creditors.
Why A&M matters in a crypto exchange wind-down
Alvarez & Marsal is a well-known restructuring and financial advisory firm that often steps in when companies face liquidity stress, operational disruption, or insolvency risk. In crypto exchange cases, an independent adviser can:
- Review wallet balances, internal ledgers, and off-exchange holdings.
- Help quantify customer claims and prioritize payouts.
- Advise on whether a restructuring, sale, or supervised wind-down makes the most sense.
- Improve the credibility of any future disclosures to users and regulators.
For BitMart users, the key question is whether A&M’s work will lead to a clear, audited picture of how much crypto and fiat the exchange actually holds against what it owes customers.
Trading halt and the path to this point
BitMart first announced an “orderly wind-down” on July 26, 2026, citing operating conditions and its strategic outlook. Under that plan, spot, futures, and other trading services were scheduled to end on August 26, with the broader platform closure initially targeted for January 31, 2027. Users were encouraged to close positions, complete KYC checks, and submit withdrawal requests as early as possible.
On August 21, BitMart shifted tone, saying it was developing a possible restructuring plan that could combine creditor distributions with a phased resumption of some operations. It retained White & Case as restructuring counsel and promised an update by September 9, which arrived in the form of the A&M appointment.
Withdrawals remain the central uncertainty
BitMart has acknowledged that users face withdrawal restrictions and uncertainty, but it has not specified how many accounts are affected, which assets are stuck, or when pending requests will be cleared. The exchange also said it intends to appoint another independent third party to oversee operations and asset custody during the review, but it has not identified that party or explained how it will control wallets, keys, and transaction approvals.
This leaves several critical questions open:
- What is the verified balance of customer assets versus liabilities?
- How much of user funds are readily withdrawable versus locked or missing?
- What process will determine who gets paid first and at what recovery rate?
- Will there be a court-supervised restructuring or a purely out-of-court arrangement?
Social media claims about missing assets or total withdrawal failures remain unverified, but BitMart’s own admission of withdrawal restrictions confirms a serious operational problem.
User feedback portal and next deadlines
BitMart said it will launch a dedicated website where users can submit feedback on withdrawals and the exchange’s future direction. The company promised to publish the link to this portal within five business days of the September 9 announcement.
The exchange also said it will progressively announce its proposed action plan, user consultation process, and feedback mechanisms over the next three weeks, pointing to further details by approximately the end of September. The most important disclosures to watch for are:
- Independently verified asset and liability figures.
- The status and timeline for pending withdrawals.
- The identity and mandate of the proposed custody supervisor
Until those details appear, BitMart’s financial condition and users’ expected recoveries remain unclear.
Creditors organize as pressure builds
Separately, some BitMart users with frozen funds have begun organizing. In early September, investment firm Echo Base said it had formed an ad hoc claimholder committee after the exchange did not respond to a $10 million proposal to sponsor a pre-negotiated bankruptcy process. The committee has retained law firms and is evaluating legal, regulatory, and insolvency options, including the possibility of involuntary proceedings.pro.
This creditor activity adds pressure on BitMart to move quickly from general statements to concrete, verifiable plans for asset recovery and distributions.pro.
What this could mean for users
For now, the A&M appointment is a signal that BitMart is taking the restructuring process more seriously, but it is not a guarantee of full repayment or a quick restart. Users should treat any business-resumption talk as conditional on the outcome of the financial review, legal advice, and negotiations with stakeholders.
Practical steps for affected users include:
- Monitoring BitMart’s official channels for the feedback portal link and action-plan updates.
- Keeping records of account balances, withdrawal requests, and KYC status.
- Watching for any formal claims process, restructuring plan, or court filings that could affect rights and timelines.
As more details emerge over the coming weeks, the focus will remain on whether BitMart can produce transparent, audited numbers and a credible path to returning customer funds
