Echo Base Forms BitMart Creditors Committee to Seek Recovery of Frozen Assets

TechFlow reported on September 3 that, according to Bitcoin.com News, Echo Base organized a Bitmart creditors' committee on September 2 to represent users with frozen assets at the exchange, and has retained legal counsel to evaluate asset recovery strategies, including potentially initiating an unfunded bankruptcy proceeding. Previously, on August 6, Echo Base had proposed a pre-negotiated bankruptcy restructuring financing package of up to $10 million to Bitmart, but received no response.

Meanwhile, the Sonn Law Group has launched an investigation into users who have $500,000 or more in assets trapped at Bitmart, evaluating potential claims and recovery pathways. Bitmart has previously stated that it is developing a restructuring plan as an alternative to full liquidation, which may include phased restoration of certain operations, and promised to provide an update by September 9 at the latest. However, as of the time of this article's publication, no further information has been disclosed, raising concerns regarding its financial condition.

Echo Base CEO Roshan Dharia stated that viable options for the orderly disposal and recovery of assets are dwindling as time goes on, particularly since Bitmart has publicly acknowledged that its operational team may not be able to continue past January 2027.