Hotbit Suspends Trading and Withdrawals

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Cryptocurrency exchange Hotbit suspended trading, depositing and withdrawing funds for all customers yesterday and has the date when these services will become available remains unknown.

According to the announcement, a former Hotbit executive was involved in an unnamed project in 2021 that is under investigation. Some top managers of the exchange were summoned to court to testify.

Part of Hotbit’s assets have been frozen as part of the investigation, which prevents the full operation of the platform. The company has clarified that they did not know about what was happening, and the employee left the exchange in April.

The team has stated the assets of all users are safe. Platform employees are cooperating with law enforcement officers, and lawyers are seeking to unfreeze accounts.