Crypto Trading Platform Hotbit Suspends Withdrawals
The Hotbit crypto exchange has suspended trading, deposit, withdrawal, and funding functions until further notice.
The exchange said that a former employee had worked on an unauthorized project that is now suspected of being involved in criminal activity. User assets are safe, the company confirmed in a tweet.
Hotbit is not the first crypto company in recent months to halt withdrawals. Crypto lender Celsius halted withdrawals in June and has now filed for bankruptcy.
Embattled Asian crypto exchange Zipmex announced earlier this month that it would pause transfers between its Z Wallet and its Trade wallets, citing market instability. It resumed withdrawals for some altcoins, such as Solana on Aug. 2, 2022, XRP on Aug. 4, 2022, and ADA on Aug. 9, 2022. Zipmex had exposure to Celsius and Babel Finance.
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