Cryptocurrency exchange Hotbit announced suspension of services after five years of operation. In a press release on Monday, the exchange said it had already ceased trading services and asked them to withdraw crypto before June 21, UTC 04:00.
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The exchange said the decision has been made after a series of crises resulted in continuous outflows of funds from the platform. Hotbit also revealed it had suffered "numerous problems," including repeated cyber-attacks and the exploitation of project defects by malicious users, resulting in "significant losses."
"Therefore, the Hotbit team believes that the operation model of supporting a diverse range of assets is unsustainable from a risk management standpoint," the exchange said.
In August 2022, Hotbit suspended all of its services, citing a criminal investigation into a former management employee. The exchange said law enforcement froze some of its funds without elaborating on the cause.
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