Since announcing the closure of its operations and a wind-down phase on July 26, 2026, BitMart has provided another update. The crypto exchange appointed Alvarez & Marsal on September 9, 2026, as financial advisor to directly evaluate the issue of halted customer withdrawals.
The consulting firm is now working alongside the company’s legal advisory team. Their task is to assess the exchange’s actual financial condition, map out issues across various stakeholders, and formulate an orderly withdrawal path for all users. This move delivers on BitMart’s previous pledge when partnering with White & Case as restructuring counsel, where management promised to provide an update on September 9.
However, keeping a promise to deliver a status update has not translated into certainty for fund withdrawals.
Three More Weeks
Users with locked funds will have to wait even longer. Exchange management stated that they plan to announce a more concrete action plan along with a user consultation mechanism within the next three weeks. This timeline places the next announcement around late September.
As a temporary communication channel, management is designing a dedicated website. On this new platform, customers will be able to submit written feedback regarding withdrawal procedures and the future direction of BitMart. A link to access this feedback portal is promised to be released within five business days.
During the review period with Alvarez & Marsal, operations and asset custody will not be left without extra oversight. BitMart plans to appoint an independent third party to oversee custodian functions and exchange operations while the evaluation process is underway. Such oversight has become increasingly urgent, as all core services - ranging from spot trading and futures markets to other transaction features - were completely halted and frozen as of August 26.
Unanswered Figures
Behind the series of consulting appointments and evaluation deadlines, financial transparency remains virtually nonexistent. To date, not a single breakdown of assets or total exchange liabilities has been independently verified. An exact estimate of the financial shortfall that originally triggered the withdrawal freeze has also never been published.
The exchange’s crisis resolution remains purely an internal management initiative. There has been no official announcement regarding the initiation of formal bankruptcy proceedings or court-supervised restructuring efforts.
As a result, this string of updates has yet to touch the core issue affected users are waiting for. Users remain completely unaware of how many customers are still unable to withdraw funds, which crypto assets are most affected, and when the pending withdrawal queue will actually be processed. The appointment of consultants has done little to ease concerns as long as balances on screen cannot be moved.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
