Cryptocurrency exchange Hotbit announces its closure

Cryptocurrency exchange Hotbit announced on the termination of its activities from May 22, 2023. The exchange has asked its users to withdraw all their funds by June 21, 2023. The reason for this decision was the deterioration of working conditions, changing trends in the industry and repeated cyber attacks.

Hotbit was launched in 2018 and offered trading in various cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and others. The exchange also supported margin trading, decentralized finance (DeFi), and staking features. According to CoinMarketCap, Hotbit was ranked 17th in terms of trading volume among all cryptocurrency exchanges at the time of closing.

In April 2023, Hotbit suffered a major cyberattack that damaged the exchange’s databases and servers. Although the exchange claimed that user funds were not affected, it suspended all operations for a few weeks to investigate and restore the system.

In August 2023, Hotbit faced another challenge when some of its funds were frozen due to suspected involvement in criminal activities. According to mass mediathe exchange has been linked to the illegal exchange of cryptocurrency for fiat currency in China.

In its closing statement, the exchange acknowledged that centralized exchanges are becoming increasingly onerous and not in line with long-term trends. The exchange also expressed its gratitude to its users for their support and wished them success in the future.

Today it became known that the Malaysian Securities Commission demanded that the Huobi Global cryptocurrency exchange cease its activities in the country, including disabling the website and mobile application on the Apple Store, Google Play and any other digital platforms.

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