Wilmington, Delaware, September 2nd, 2026, Chainwire
Following BitMart’s July 26, 2026 announcement that it would cease operations, Echo Base has organized an ad hoc committee of BitMart claimholders representing a significant and growing aggregate balance of frozen customer assets. The committee has retained Young Conaway Stargatt & Taylor, LLP and Ashbury Legal PC, and is coordinating efforts to protect the interests of affected claimholders and evaluate available recovery options including in the event of an unfunded or freefall bankruptcy filing.
The formation of the committee follows BitMart’s failure to respond to a funded bankruptcy restructuring proposal submitted by Echo Base on August 6th, 2026.
Echo Base sets out below a summary of the record to date:
1. Funded restructuring proposal
On August 6, 2026, Echo Base submitted a written proposal to BitMart management offering to commit up to $10 million to sponsor a pre-negotiated bankruptcy filing.
The proposed commitment was intended to fund professional and administrative costs through plan confirmation and support an orderly and equitable solution that would seek to maximize the recoveries of affected claimholders.
BitMart did not respond to the proposal.
2. Unexecuted withdrawal instruction
On August 8, 2026, an Echo Base affiliate delivered a formal demand concerning BitMart’s failure to execute a withdrawal instruction submitted on July 24, 2026, approximately 31 hours before BitMart announced that it would cease operations.
The demand documented 15 separate attempts to contact BitMart regarding the withdrawal. According to the demand, BitMart did not identify a contractual, legal or other basis for withholding the assets.
The demand required BitMart to return the assets or provide a written explanation for the continued freeze by a specified deadline.
BitMart did not respond.
3. Formation of an ad hoc claimholder committee
Echo Base has organized an ad hoc committee representing a significant and growing aggregate balance of customer assets frozen on BitMart.
The committee has retained legal counsel and is coordinating its response to the asset freeze, including the preservation and potential enforcement of claimholder rights.
Affected BitMart customers and other claimholders may contact the committee using the details provided below.
4. Evaluation of available remedies
The committee is evaluating potential legal, regulatory and insolvency remedies.
Based on its review of BitMart’s User Agreement, the committee’s position is that title to customer assets does not transfer to BitMart. The committee is evaluating the implications of these provisions for the treatment and recovery of frozen customer assets.
The committee is also considering the rights that qualifying creditors may have to commence or join an involuntary insolvency proceeding if the applicable legal and statutory requirements are satisfied.
No determination has been made regarding the commencement of any particular proceeding, and the committee continues to evaluate the available options with counsel.
5. Opportunity for consensual engagement
Echo Base and the committee remain prepared to engage constructively with BitMart, its management and its restructuring advisers regarding a consensual path for the return or orderly administration of frozen customer assets.
The committee has requested that BitMart engage with claimholders before additional remedies are pursued. To date, neither Echo Base’s restructuring proposal nor the formal demand delivered by its affiliate has received a response.
“BitMart still has time to run an orderly wind-down. What it does not have is anyone willing to put capital behind one. Out of court there is no stay, so a single claimant can stall the process for everyone, and any holder the company cannot reach retains its claim indefinitely. That is not a wind-down, it is an open liability with a queue attached. We have offered capital at risk to fund a court-supervised process through confirmation, on a defined timetable, structured to return as much as possible to claimholders from whatever assets exist.
Administering a book this size takes years, and BitMart has publicly committed to a process it cannot staff past January. We have the capital, infrastructure and expertise to run a compliant and orderly run-off. Every week this goes unanswered, the version that remains available narrows. Our proposal has been outstanding since August 6," said Roshan Dharia, Chief Executive Officer of Echo Base.
Nothing in this statement constitutes a waiver of any rights, claims, remedies or causes of action held by Echo Base, its affiliates, the committee or any participating claimholder. All such rights and remedies are expressly reserved.
Claimholder Inquiries
Affected BitMart customers and claimholders seeking further information or wishing to contact the committee may write to: [email protected]
About Echo Base
Echo Base is a privately funded special situations platform focused on investing in, stabilizing, and repositioning companies across the digital asset ecosystem. The firm combines distressed expertise, hands-on operating capability, and flexible capital solutions to address complex situations where both capital structure and business operations require coordinated intervention.
Echo Base evaluates opportunities through a technical and strategic lens, targeting scenarios where active ownership, bespoke capital structuring, or leadership alignment can unlock value.
Built to act decisively in periods of disruption, the platform partners with stakeholders to restore stability, strengthen governance, improve liquidity, and execute turnarounds that support long-term strategic positioning.
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