BitMart names Alvarez & Marsal as adviser while withdrawals stay frozen

BitMart appointed restructuring firm Alvarez & Marsal as its financial adviser and has announced that it will hand oversight to an independent third party.

Meanwhile, millions of exchange users remain unable to withdraw funds.

What is Alvarez & Marsal doing for BitMart?

BitMart has clarified that the restructuring firm Alvarez & Marsal (A&M) will work alongside its lawyers to review the company’s finances, sort through stakeholder questions and study how the exchange can resume user withdrawals in an orderly way.

The firm’s job, per the notice, is to weigh the options and help shape a near-term plan of action.

In the announcement, BitMart said all information on withdrawals, assets and next steps has to be approved by an independent adviser before they go public, which is why it hired A&M in the first place.

The exchange also named White & Case as its restructuring legal counsel in an earlier notice.

BitMart’s immediate actions will include building a dedicated feedback website as a single channel for users to submit views on the action plan. The company has also promised to publish the link within five working days.

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