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It’s been more than a month since the Bitmart exchange announced it was closing. During this time, users whose money was frozen have not received any clear explanations or exact dates for the refund from the management. Instead of dialogue, they received complete silence. This forced some of the affected investors to seek help from Echo Base, a company that specializes in resolving issues related to digital assets. In early September, Echo Base announced the creation of a committee to protect the interests of the owners of frozen funds. The committee has already hired lawyers who are exploring options for recovering the money, including initiating bankruptcy without raising additional funds.

This decision did not come out of nowhere. Echo Base attempted to contact Bitmart several times. On August 6, the company sent the exchange a restructuring plan within the framework of bankruptcy with full funding. The discussion concerned an amount of up to ten million dollars, which Echo Base was ready to allocate to ensure the proper closure of the processes. However, no response followed. Bitmart’s silence showed Echo Base that the exchange was not inclined towards a civilized settlement. Therefore, the company shifted its focus to organizing joint actions by clients.

In addition to ignoring the proposals, Bitmart is accused of illegally withholding funds. Echo Base provided a specific example: on August 8, a company affiliated with it sent an official demand because Bitmart failed to comply with the withdrawal order submitted on July 24. This order was sent approximately thirty‑one hours before the exchange announced its closure. The document lists fifteen attempts to contact Bitmart regarding the withdrawal. All of them were unsuccessful. This case demonstrates the systemic nature of the problem and indicates that the restrictions began even before the official notification.

Other users are also making similar complaints. Many have turned to the law firm Sonn Law Group, which is considering the possibility of class‑action lawsuits against Bitmart. Special attention is being paid to clients who have had amounts blocked in excess of five hundred thousand dollars. For them, the loss of funds means serious financial consequences, and they are ready to seek protection through the courts. The involvement of lawyers indicates that the affected parties are moving from waiting to taking active steps.

As for Bitmart itself, its latest statement dates back to August 21. At that time, the exchange announced the development of a restructuring plan as an alternative to complete liquidation. It was planned to gradually resume part of the operations after the inspections. A new update was promised no later than September 9th. But so far, there have been no new updates. This is giving rise to rumors, including those about possible loss or misuse of funds.

Roshan Dhariya, CEO of Echo Base, commented on the situation. He noted that the committee is ready for negotiations, but with each week of delay, the number of realistic options is shrinking. Managing such assets requires time and a systematic approach, and after January, Bitmart, according to its own obligations, will have no employees left to complete the procedures. Echo Base, by contrast, has the capital and experience to liquidate in accordance with all the rules. But without a response from Bitmart, all initiatives remain unilateral. The proposal from August 6 has not yet received a response, and this reduces the chances of a peaceful resolution.