BitMart failed to meet its September 9 deadline for publishing a recovery roadmap. Instead, the exchange announced the appointment of the restructuring firm Alvarez & Marsal to assess its financial status and explore options for orderly withdrawals.
The exchange has not disclosed audited asset balances, creditor recovery estimates, or a timeline for user withdrawals. BitMart previously hired White & Case as restructuring counsel to examine options for creditor distributions and a potential phased restart of operations.
BitMart announced an orderly wind-down on July 26, 2026, due to market conditions. The platform halted new registrations, deposits, and trading on that date, with all trading activity ceasing by August 26. A full closure is scheduled for January 31, 2027.
Following the shutdown announcement on July 26, the value of the BMX token fell by approximately 58% within 24 hours, marking an 83% decline for the year. An ad hoc committee of users previously set an August 19 deadline for transparency, which the exchange missed.
BitMart plans to launch a user feedback portal within five business days and has promised further updates in three weeks. The scope of work for Alvarez & Marsal includes a full accounting of assets, liabilities, and potential clawback actions.
