Echo Base establishes BitMart creditor group after bankruptcy reorganization proposal (September 2)

Wilmington, Delaware, September 2, 2026

Following BitMart's announcement to cease operations on July 26, 2026, Echo Base organized a special committee of BitMart claimants, which represents the continued growth in the total amount of frozen customer assets. The committee has hired the law firms of Young Conaway Stargatt & Taylor, LLP and Ashbury Legal PC and is coordinating efforts to protect the interests of affected claimants and evaluate available recourse options, including responses in the event of underfunded or plunging bankruptcy filings.

The committee was established because BitMart failed to respond to a funded bankruptcy reorganization proposal filed by Echo Base on August 6, 2026. The following is Echo Base's summary of relevant records to date:

1. Financed Bankruptcy Reorganization Proposal

On August 6, 2026, Echo Base submitted a written proposal to BitMart management, promising up to US$10 million in funding to initiate a pre-negotiated bankruptcy filing. The funding commitment is intended to cover professional and administrative costs until plan confirmation and support an orderly and fair resolution that seeks to maximize asset recovery rates for affected claimants. BitMart did not respond to the proposal.

4. Assessment of available legal remedies

The committee is evaluating potential legal, regulatory and bankruptcy relief options. Based on its review of BitMart's user agreement, the committee's position is that ownership of customer assets has not been transferred to BitMart. The committee is assessing the impact of these provisions on the handling and recovery of frozen customer assets. The committee is also considering the rights that eligible creditors may have to initiate or join involuntary insolvency proceedings if applicable legal and statutory requirements are met. No decision has been made to initiate any specific procedures and the committee is continuing to evaluate available options with legal advisers.

5. Opportunities to negotiate a resolution

Echo Base and the committee remain prepared to constructively engage BitMart, its management and restructuring advisers to seek a consensual solution to the return or orderly management of frozen customer assets. The committee has asked BitMart to communicate with claimants before taking further remedial measures. So far, no response has been received to Echo Base's reorganization proposal or formal requests from its subsidiaries.

Roshan Dharia, CEO of Echo Base, said: "There is still time for BitMart to conduct an orderly liquidation. But what it lacks now are people willing to provide financial support for this. There are no stay orders in out-of-court proceedings, so a single claimant can delay the process for everyone, while any asset holder who cannot be reached by the company will retain his claim indefinitely. This is not a liquidation process, it is an unfinished responsibility with a waiting queue. We have proactively provided venture capital to fund a court-supervised process within a specified timetable until plan confirmation, striving to return as much money as possible to claimants from existing assets. Managing accounts of this size will take years, and BitMart has publicly promised to move forward with a process that it will no longer be able to staff after January. We have the capital, infrastructure and expertise to perform a compliant and orderly liquidation. Every week that passes without a response, there are fewer feasible options. Our proposal has been in effect since August 6."

Nothing in this statement constitutes a waiver of any rights, claims, remedies or causes of action held by Echo Base, its subsidiaries, this Committee or any participating claimant. All such rights and remedies are expressly reserved.

Claimant Advisory

Affected BitMart customers and claimants who wish to obtain more information or contact the committee may write to: bitmart@eb.global

About Echo Base

Echo Base is a unique opportunity platform for private investment focused on investing, stabilizing and repositioning companies in the digital asset ecosystem. The company combines non-performing asset disposal expertise, hands-on operating capabilities and flexible capital solutions to respond to complex situations that require coordinated intervention in both capital structures and business operations.

Echo Base evaluates opportunities through a technical and strategic perspective, focusing on scenarios where value can be released through active ownership, customized capital structures, or leadership adjustments. The platform is designed to act decisively in times of chaos, work with stakeholders to restore stability, strengthen governance, improve liquidity, and implement a turnaround plan that supports long-term strategic positioning.