Hotbit exchange suspends trading and withdrawals

As of August 10, the cryptocurrency exchange Hotbit has suspended trading, deposits and withdrawals for all clients. The timeline for resuming operations is unknown.

📢Announcement on the Suspension of Hotbit Website Service on August 10th, 2022

Details👉https://t.co/5hf6XS638y

⚠️User’s assets are safe, please don’t worry.

We are sorry for any inconvenience caused!😢 pic.twitter.com/x7wiIL7j1a

— Hotbit News (@Hotbit_news) August 10, 2022

According to a blog post, a former Hotbit executive was involved in an unnamed project in 2021 that is under investigation. Some of the exchange’s top managers have been summoned to testify in court.

Some assets have been frozen as part of the investigation, hindering the platform’s full operation. The company said it was unaware of the events, and an employee left the exchange in April 2022.

The team stated that all users’ assets are safe. Platform staff are cooperating with law enforcement, and lawyers are seeking to unfreeze the accounts.

In April 2021, Hotbit was subjected to a cyberattack, in which attackers allegedly gained access to the data of nearly 2 million users. Client funds were not affected.

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