Echo Base Forms BitMart Creditors Committee to Recover Frozen Assets
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Echo Base assisted in forming the BitMart Creditors Committee on September 2, representing users with frozen assets, and hired legal advisors to evaluate recovery options, including applying for a bankruptcy procedure without financial support. On August 6, Echo Base proposed a funding plan of up to $10 million to support BitMart in submitting a pre-negotiated bankruptcy application, but received no response. The actions stem from BitMart's failure to respond to the restructuring proposal and user withdrawal requests. Sonn Law Group has launched an investigation for users with frozen assets of $500,000 or more at BitMart, assessing potential claims and asset recovery options. Echo Base CEO Roshan Dharia stated that BitMart's employee plan can only sustain operations until January 2027, and the longer the delay, the fewer viable options remain.
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