It's the turn of the Hotbit exchange to suspend its activities

The crypto winter continues to see the freezing of the activities of crypto platforms. This time, it is Hotbit, a platform based in Shanghai, which announces the suspension of its activities. Obviously no one knows when the platform will be able to resume its activities and users are expressing their concern, especially on Twitter.

A former Hotbit executive involved in criminal activities

An investigation is ongoing into the activities of a former Hotbit executive who left the company in April this year. He would have been involved in a dubious project in 2021, the nature of which is not yet known. Hotbit dissociates itself from its ex-employee of course and, in the meantime, the authorities have frozen the funds of the platform during the investigation.

Hotbit claims to cooperate with the police and its lawyers ask to let users dispose of their funds, but, one suspects, it is highly unlikely that activities can resume quickly.

The dark streak continues

It has been several months since the black series of bankruptcies and other hacks began. Currency ” not your keys, not your coins (without your private keys, your cryptos do not belong to you) takes on its full meaning: Internet users of cryptocurrencies know this sentence well, but many have not realized its veracity. Some are paying the price today and must experience understandable anguish when they try to connect to their favorite platform and find the door closed. It might be time to shelter your cryptos on a ledger or any other hardware wallet ?

Hotbit Telegram Group (English):
Hotbit announcement channel (in English) on Telegram:
Official Hotbit Twitter:

Source: Announcement hot bit.

The news is bad, very bad right now for centralized exchanges (CEX): win back user trust will be very difficult. Some even find themselves ruined and read the testimonials is not easy. Added to this increasingly restrictive state regulations, the coming months will undoubtedly see a significant flight of capital, platform customers will rightly want to secure their funds. You can consult our article, updated regularly, on the bankruptcies and hacks of the previous months.

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