Attention Wiki Cat Community,
We have an important announcement regarding our partner exchange, Hotbit.
It has come to our attention that Hotbit will be ceasing all centralized exchange (CEX) operations starting from May 22, UTC 04:00. We strongly advise all Wiki Cat users who have funds on Hotbit to withdraw their assets before June 21, UTC 04:00.
Hotbit has been a valued exchange in the crypto industry for over five years, serving millions of users worldwide. However, due to several factors, the decision to halt CEX operations has been made.
The first reason behind this decision is the deteriorating operating conditions. Following the Hotbit management team’s temporary suspension of operations in August 2022, the industry has faced various crises, including the FTX collapse and bank crises resulting in fund outflows from CEX platforms. These events have put a strain on Hotbit’s cash flow and overall operations.
The second reason is the evolving trend in the crypto industry. The collapse of centralized institutions has pushed the industry towards two paths: embracing regulation or embracing decentralization. The Hotbit team believes that CEX platforms are becoming increasingly complex and difficult to comply with in terms of both regulation and decentralization. They foresee the long-term trend moving away from centralized exchanges.
Hotbit has been known for its extensive range of assets and value-added services. They were pioneers in listing emerging assets like SHIB, KSM, GRIN, and more. Additionally, they were the first to offer staking services and conduct Defi mining using Compound. However, due to the industry’s uncertainty and the risks involved, supporting such a diverse range of assets has become unsustainable from a risk management perspective.
We understand that this news may come as a disappointment, but it is important to take the necessary steps to secure your assets. You have two options for transferring your Wiki Cat funds from Hotbit:
1. Decentralized Wallets:
You can transfer your assets to decentralized wallets such as Trust Wallet or MetaMask. These wallets provide you with full control over your funds and enhance the security of your assets.
A tutorial video on how to do this is available on our youtube channel here: https://www.youtube.com/@smcdao/videos
2. Newly Listed Exchanges:
Alternatively, you can transfer your Wiki Cat tokens to other listed exchanges where you can find Wiki Cat. These exchanges include Lbank, Digifinex, Latoken, and Cointiger. By moving your assets to these exchanges, you can continue trading Wiki Cat with ease.
A tutorial video on how to do this is available on our youtube channel here: https://www.youtube.com/@smcdao/videos
Please ensure to follow the withdrawal instructions provided by Hotbit and initiate the transfer process promptly to safeguard your investments.
As we bid farewell to Hotbit, we remain committed to our mission of making cryptocurrencies accessible and fun through Wiki Cat. We believe in the bright future of crypto innovation and will continue to work towards that vision.
Thank you for your understanding and cooperation. Together, let’s embark on this new chapter with Wiki Cat (WKC).
Sincerely, SMC DAO.
