Crypto exchange Hotbit suspends trading and withdrawals

The Chinese crypto exchange announced the suspension of “trading, deposit, withdrawal and funding functions” yesterday.

The reason is a former Hotbit management employee who was part of a project in 2021 that violated Hotbit's internal policies. The stock exchange knew nothing about the project at the time.

Since law enforcement got involved, several senior executives at the company have been summoned by the authorities.

In addition, one now has to deal with liquidity difficulties: “In addition, law enforcement has frozen some of Hotbit’s funds, which prevents and restricts Hotbit’s normal operation.”

It goes on to say that all “user data on Hotbit” is safe and accurate.

Although the exact time of a resumption cannot be determined, those responsible would announce the results of the investigation as soon as possible.

The suspension of features adds Hotbit to the long line of crypto companies hit by liquidity issues as the crypto market crashed.

As a result, many stock exchanges and lending service providers had to file for bankruptcy.

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