BitMart Faces $10M Rescue Bid as Echo Base Rallies Customer Group

- BitMart management silent on Echo Base’s $10 million rescue offer linked to potential bankruptcy - Echo Base forms ad hoc claimholder group, weighs involuntary insolvency amid withdrawal freeze On 2026-09-03, Crypto.news reported that Echo Base, a private investment firm specializing in distressed digital asset businesses, formed an ad hoc group of BitMart claimholders after BitMart failed to respond to Echo Base’s $10 million rescue proposal, which aimed to facilitate a court-supervised bankruptcy process. According to Crypto.news on September 3, 2026, Echo Base made the proposal as BitMart continued to refuse customer withdrawals and missed its deadline to provide a proof-of-reserves report since May. These developments have therefore raised mounting concerns about the security and transparency of user funds, and concerns have intensified following BitMart’s announced exchange shutdown by January 2027. Crypto.news further reported on September 3, 2026, that Echo Base retained legal counsel from Young Conaway Stargatt & Taylor and Ashbury Legal to represent affected BitMart customers. According to the outlet, the firm is now considering legal avenues, including an involuntary insolvency case, in response to BitMart’s ongoing inaction. As Crypto.news noted on 2026-09-03, Echo Base’s engagement follows BitMart management’s lack of communication and persistent withdrawal failures, which have increased risks for claimholders and narrowed paths for recovery. The investment firm has urged BitMart to enter negotiations and warned that the window for effective resolution is swiftly closing. According to Crypto.news on September 3, 2026, Echo Base’s efforts focus on advocating for users with frozen assets and safeguarding claimants amid ongoing uncertainty about BitMart’s reserves and liabilities. BitMart has yet to respond to the group or engage in negotiations, while Echo Base continues to pursue legal options to advance recovery efforts for affected customers.