Bitmart customers form creditor committee to recover frozen assets

Customers of cryptocurrency exchange Bitmart, which has announced plans to shut down, have formed an ad hoc creditor committee to recover frozen assets, Bitcoin.com News reported. The committee was backed by digital-asset restructuring firm Echo Base and is reviewing recovery options including hiring legal counsel to pursue Bitmart’s bankruptcy process without separate funding support. Echo Base claimed it had previously offered to commit up to $10 million to support a prearranged bankruptcy process, but Bitmart did not respond. Bitmart said it is considering a restructuring plan that would gradually restore some services instead of fully ending operations, and added it would disclose further details by Sept. 9 at the latest.