Echo Base contacts BitMart users with locked assets to join the claims group

Echo Base joined forces with troubled users to form a special committee to put pressure on BitMart management.

Echo Base, a company specializing in special situation disposal, recently took action again after submitting a pre-negotiated bankruptcy offer worth US$10 million to BitMart exchange management. Echo Base calls BitMart customers who are unable to extract crypto assets and invites them to join the interim committee it has established.

The committee aims to provide a coordinated legal response platform for affected BitMart users. As BitMart continues to ignore customer withdrawal requests and ignore formal rescue offers, Echo Base believes it is particularly urgent to form this collective force.

Echo Base bills itself as a privately funded platform focused on acquiring and stabilizing troubled digital asset companies. BitMart came into its sights because the company previously announced that it would close its cryptocurrency exchange on January 31, 2027.

What support does Echo Base provide to BitMart customers?

First, the affected users committee being formed by Echo Base will be represented by two law firms hired by Young Conaway Stargatt & Taylor and Ashbury Legal. The two law firms will also evaluate various asset recovery options.

The committee claimed that a "large and growing" user base has been affected by the news of BitMart's closure. However, the press release did not disclose the specific funding size or number of people for this user group.

Echo Base's advancement is based on the fact that according to BitMart's own User Agreement, customer assets do not become the property of the exchange. In addition, another legal avenue lies in whether eligible creditors have the right to forcibly initiate involuntary bankruptcy proceedings. According to Echo Base, the decision on whether to adopt this option has not yet been finalized.

Echo Base calls on affected users to contact them via email at www.example.com. bitmart@eb.global

BitMart has not yet responded to Echo Base.

Echo Base took action to BitMart for the first time on August 6, sending a written offer promising up to US$10 million in funding to support pre-negotiated bankruptcy proceedings to cover professional fees and management costs incurred from the plan confirmation period.

The offer also includes Debtor-in-Possession Financing underwritten by Echo Base as creditor holder, and equity issued by the exchange after the reorganization is completed.

In a second operation on August 8, an Echo Base affiliate issued a formal request to BitMart in response to a withdrawal request that could not be executed since July 24, approximately 31 hours before the exchange announced the closure. In the request, Echo Base recorded 15 attempts to contact BitMart, but did not obtain any legal or contractual explanation as to why withdrawals were not completed.

However, as of September 3 when calling BitMart users, Echo Base stated that BitMart had not responded to any of its attempts at contact.

Echo Base and BitMart's timelines are out of sync

Echo Base CEO Roshan Dharia described the current standoff as a race against BitMart's own timetable. "Managing an account of this size takes years, and BitMart has publicly committed to completing the process within a period that it cannot maintain staffing, that is, before January." He said in a statement.

Dharia points out that without court-supervised procedures, there is no automatic stay protection, which means that "a single creditor can hinder the entire process." Dharia said the offer has been in effect since August 6, warning that every week no response is received, the number of available options will be reduced by one point. Echo Base added that it remains willing to negotiate an agreed settlement plan with BitMart's management and advisers, while retaining all legal rights.

BitMart announced on July 26 that it will begin orderly clearing. New user registrations, deposits and new orders will be stopped on the same day. Spot and futures trading is expected to end on August 26.

founder Sheldon Xie denied on August 8 that the exchange's money was running away. In a Chinese post, he told users that the team was still counting assets, but did not provide any data, dates or reserve proof reports.

The current public data is worrying. According to quoted data, BitMart's self-reported reserves are only approximately US$5.36 million, most of which is its own token BMX, and its average daily trading volume is close to US$272.6 million.

Since May 23, the exchange has promised to issue a reserve certification report, but it has not been announced so far. Although a "potential restructuring and business recovery plan" was later proposed, the closure schedule remained unchanged.