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Holders of the Shiba Inu tokens rushed to get their funds out from Hotbit after the Chinese crypto exchange urged investors to withdraw their tokens before June 21 at 04:00 UTC Just a few days back, the trading platform with 5 million users worldwide, announced to shut down operations, an indicator of its worsening condition. […]
The decision from Hotbit to cease operations prompts urgent withdrawal of Shiba Inu (SHIB) tokens, leaving users concerned about asset safety. Hotbit, a prominent crypto exchange with a solid base in the Asia-Pacific (APAC), has directed Shiba Inu (SHIB) holders and other investors to withdraw their tokens from the platform. This comes on the back […]
The post Shiba Inu Holders Urged to Immediately Withdraw Tokens from Hotbit: Details first appeared on The Crypto Basic.
China-headquartered cryptocurrency exchange, Hotbit, said on May 22 it had made the decision to halt “all cex operations.” The crypto exchange pointed to the “continuous outflows of funds from cex [centralized exchange] users” as one of the many factors that forced Hotbit to stop operations. The Crypto Industry’s ‘Deteriorating Conditions’ The Asian cryptocurrency exchange, Hotbit, [...]
The post Crypto Exchange Hotbit Says ‘Deteriorating Conditions’ Forced It to Stop Operations appeared first on Crypto Breaking News.
Crypto exchange Hotbit said it would halt all operations on May 22 by 04:00 UTC, advising its users to withdraw their assets before June 21. Why Hotbit is shuttering operations In a May 22 statement, Hotbit explained that centralized exchanges had witnessed a continuous outflow of funds following the several crises that hit the crypto […]
The post Hotbit shuts down as cyber attacks, crypto crises weaken its operations appeared first on CryptoSlate.
In cryptocurrency news that has caught most crypto enthusiasts by surprise, cryptocurrency exchange Hotbit has today (May 22, 2023) announced that it is halting its operations with immediate effect. In its official communication, the exchange has asked its users to withdraw their funds before June 21, at 4:00 am UTC. Deteriorating operating conditions Hotbit has …
<p>The post Hotbit halts operations, urges customers to withdraw funds first appeared on CCNC | Cryptocurrency Newscast.</p>
Crypto exchange Hotbit announced that it would be halting operations as of May 22. The exchange asked its users to withdraw funds before June 21, at 4:00 am UTC. In an announcement, the exchange said that its operating conditions have deteriorated since a former member of its team was subjected to an investigation in August 2022. [...]
The post Hotbit exchange halts operations, urges users to withdraw funds appeared first on Crypto Breaking News.
The exchange ceased operations on May 22.
In an unexpected turn of events in the crypto industry, two cryptocurrency exchanges - Huobi Global and Hotbit - face substantial roadblocks. (Read More)
<p><a href="https://hotbit.zendesk.com/hc/en-us/articles/8074249353495" target="_blank" rel="nofollow">Hotbit</a> suspended deposits, withdrawals and trading for all clients. While such actions are often taken when crypto exchanges face financial difficulties, some of Hotbit's assets were frozen due to an investigation into one of its former employees.</p><p>A former management executive was involved in a project, which was against Hotbit's principles. The <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_1" class="terms__main-term">exchange</a> was unaware of the project.</p><p>The project is suspected by to have violated the law, which lead to law enforcement freezing some of Hotbit's funds. Senior management executives were subpoenaed since the end of July to assist with the investigation.</p><p>Hotbit stresses that it was not involved in the project and are cooperating with law enforcement agencies. Hotbit applied for the release of the frozen assets via its lawyers. The clients' funds are safe, service is expected to resume once the assets are released.</p><p>FTC Probes Bitmart</p><p>A Federal Trade Commission (FTC) investigation was launched into <a href="https://www.financemagnates.com/cryptocurrency/news/hacked-crypto-exchange-bitmart-to-compensate-all-victims/" target="_blank">BitMart's security breach</a>. Two hot wallets of the exchange were compromised in December 2021 (ETH and BSC wallets). $150 million were stolen.</p><p>The private key was used to withdraw the <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__secondary-term">cryptocurrencies</a>. </p><p>BitMart's operators are being investigated to determine whether clients were misled on the security offered by the exchange and to ensure no financial-services laws were violated.</p><p>In the case of Solana, Slope wallets were compromised, which allowed the bad actor to drain thousands of wallets. The FTC wishes to ensure the operations took adequate measures as the breach was via the private key.</p><p>Since the Slope wallets hack, investors are strongly advised to consider hardware wallets as opposed to hot wallets. Ledger and Trezor are among the most popular hardware wallets in today's market.</p> This article was written by Matti Williamson at www.financemagnates.com.
Crypto exchange Hotbit announced it had suspended all financial and trading services as part of the capital was frozen by watchdogs that a former employer was involved in a criminal case that is under investigation. (Read More)
Hotbit said that several Hotbit executives had been served with subpoenas and were assisting with the investigation. Hotbit Stops Services Amid Criminal Case Hotbit has halted trading while a former...
As a user myself, Hotbit is a fairly good exchange... when it's up.
But I would by lying if I said this wasn't getting annoying. For the second time now it appears users will be locked out for a potential extended period of time, possibly lasting weeks, or months.
Last time (see our coverage here) hackers gained access to their servers, but not access to withdraw any user funds. It seems like this angered them, so they decided to destroy everything they did have access to - which was basically the entire exchange system. They were down for weeks.
This time time it wasn't a security breach, but a much wilder explanation:
"The reason is that a former Hotbit management employee who left Hotbit in April this year was involved in a project last year(which was against Hotbit's internal principles and of which Hotbit was unknown) that law enforcement authorities now think is suspected of violating criminal laws. So, a number of Hotbit senior managers have been subpoenaed by law enforcement since the end of July and are assisting in the investigation. Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.
Hotbit and the rest employees of Hotbit's management are not involved in the project and have no knowledge of the illegal information involved in the project. However, we are still actively cooperating with the law enforcement authorities in their investigations and are continuously communicating with them through our lawyers and applying for the release of the frozen assets. The assets of all users are safe on Hotbit."
As far as when users can access their funds, Hotbit clearly does not know, only saying "Hotbit will resume normal service as soon as the assets are unfrozen" whenever that may be.
Funds are safe...Last time I was ready to hear it was all another exit scam and that my funds were gone for good, then the site came back and everything was still in my wallet. So, with fingers crossed, I'm giving them the benefit of the doubt this time.
According to Hotbit "All user’s assets and data on Hotbit are secure and correct" and they shared this link for more details on how user funds will be handled.
There is mention of a 'compensation plan' for users, but no details on what that would be based on.
Those with staked assets and investment product deposits will supposedly continue to earn like normal during this downtime.
Users with concerns are invited to contact them here.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News
Hotbit collaborated with Advcash for fiat-crypto purchases. Hotbit and Advcash celebrate this union with a giveaway contest. To implement a ...
Shytoshi Kusama, Shiba Inu leader, reaches out to Hotbit for dialogue ahead of the exchange’s anticipated shutdown, showing commitment to SHIB holders. Shytoshi Kusama, the community-appointed leader of the Shiba Inu (SHIB) project, has taken to Twitter to express a desire for direct communication with Hotbit, the crypto exchange currently undergoing the process of ceasing […]
The post Shiba Inu Lead Developer Seeks Dialogue with Hotbit Ahead of Exchange Shutdown first appeared on The Crypto Basic.
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