Echo Base Forms Creditor Committee as BitMart Rescue Offer Stalls

The newly formed committee has retained law firms Young Conaway Stargatt & Taylor and Ashbury Legal to evaluate potential insolvency and regulatory remedies. While BitMart originally signaled an orderly wind-down beginning in late July, the company shifted gears on August 21 by announcing it might explore a phased restart instead. This pivot followed a sharp 60% decline in the value of the exchange's BMX token.

Echo Base chief executive Roshan Dharia argues that the current lack of court oversight leaves creditors in a precarious position, characterizing the exchange's silence as an open liability. The firm’s August 6 proposal sought to fund administrative expenses for a pre-negotiated bankruptcy filing, yet the exchange remains publicly uncommitted to the plan. With BitMart promising a detailed roadmap by September 9, 2026, creditors are now weighing whether to force the issue through an involuntary insolvency petition. The legal status of these assets remains contested, as no court has yet determined whether user agreements grant the exchange ownership over frozen deposits.