HotBit Exchange Entirely Halts All Transactions and Withdrawals

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Key Takeaways:

  • Trading, deposits, withdrawals, and funding operations on the Hotbit exchange will be suspended.
  • Since the end of July, law enforcement has subpoenaed a few senior Hotbit supervisors and frozen some of the company’s funds.

Following an ongoing investigative process into the company, the Chinese cryptocurrency exchange platform HotBit declared that its assets had been frozen. As a result, it had to halt all trading, depositing, and withdrawal operations until its assets were unfrozen.

In a blog post published on Wednesday, the Asian cryptocurrency exchange announced the update. We regret to inform you that trading, deposit, withdrawal, and funding functions on Hotbit will need to be suspended. The exact time of the restart, it continued, “cannot be determined at this time.”

The exchange ensured that all of its customers’ funds were secure, and once the investigation is complete, it will resume operations as usual.

The cause is that a former Hotbit management employee who left the company in April of this year participated in a project last year that law enforcement officials now believe may have violated criminal laws and was against Hotbit’s intrinsic precepts.

So, since the end of July, law enforcement has subpoenaed several Hotbit senior managers, who are now cooperating with the investigation. Additionally, some of Hotbit’s funds have been frozen by the law, which has precluded Hotbit from operating normally.

As soon as the assets are “unfrozen”, Hotbit will resume its regular operations. On Hotbit, all user assets and data are accurate and secure.

The investigation results will be made public as soon as they are made accessible, and Hotbit is operating tirelessly to continue to comply and track the progress of the investigative process by law enforcement authorities.

The shocking news was also shared by @RichardHeartWin, the man behind the largest free coin airdrop in the history of “Not your keys, not your coins”, he said, expressing his disappointment.

Several exchanges have abruptly stopped operating, leaving everyone to doubt the legitimacy of the entire crypto community. This has left netizens feeling let down once again.

Users like @0xFiends advise others that they should only have 10% of their current portfolio in cryptocurrencies. No longer does the risk-reward ratio favor the reward. People believe they are getting great deals. Then a bridge or exchange is compromised a month later and lost. 

Recent events include Scaramucci’s SkyBridge Capital Halting Withdrawals in Funds with Crypto Exposure and 2gether, a Spanish exchange abruptly ceasing operations, preventing customers from accessing their accounts.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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