Echo Base formed the BitMart Creditors' Committee: plans to recover frozen assets

Echo Base is an institution focused on stabilizing digital asset companies, assisting in the formation of the BitMart Creditors' Committee, representing users holding frozen assets, and hiring legal advisors to evaluate recovery plans, including applying for bankruptcy proceedings without financial support. Echo Base had proposed a funding plan of up to $10 million to support BitMart in submitting a pre-negotiated bankruptcy application, but received no response from BitMart.

Echo Base stated that the relevant actions stem from BitMart's failure to respond to the restructuring proposal and user withdrawal requests. Sonn Law Group has initiated an investigation for users with frozen assets of $500,000 or more at BitMart, assessing potential claims and asset recovery plans. Echo Base CEO Roshan Dharia stated that BitMart's employee plan can only sustain operations until January 2027, and the longer the delay, the fewer viable options there will be.