BitMart's announcement mischaracterizes what Echo Base proposed, and does so in a way that serves management. A&M told us they would follow up with White & Case and schedule time to discuss our proposal. They never did. Neither adviser has engaged with Echo Base on the substance of it. The proposal has been outstanding since August 6. Echo Base did not offer $10 million as a liquidity injection to plug a balance sheet deficit. Echo Base offered $10 million to fund a court-supervised process through to a confirmed plan, with full transparency on the asset position, distributions made in kind, and administration by a party independent of the management that brought the platform here. No one has ever suggested $10 million resolves a $319.5 million hole. Calling it insufficient liquidity is a straw-man. What they produced instead takes value from users and leaves it with the people who lost it. Every balance is converted to a dollar figure fixed on a backward-looking average running from the day withdrawals stopped, so users forfeit any recovery in the value of their own tokens. Anyone unwilling to accept whatever the liquid pool covers is offered two substitutes. A token backed by hoped-for recoveries of a 2021 hack that has gone unrecovered for five years, and a token backed by illiquid private investments and a hypothetical restart of the business. Neither is money. Neither has a stated value. Management funds the administration of both on a subordinated basis, stays in the business, and keeps the upside. Users are being asked to surrender their assets, accept a price set in the worst window available, and hold paper nobody will quantify. That is not a restructuring plan for customers. It is a recapitalization funded by them. Echo Base offered the opposite. A pro rata share paid in the tokens themselves rather than converted to a dollar figure. An independent administrator rather than the incumbent team. Full disclosure of the asset position before anyone is asked to elect anything. Echo Base holds claims on this platform and has since the start. Our proposal remains open. @BitMartExchange @sheldonbitmart