Thursday, September 29, 2022
HomeCrypto NewsMarketHotbit Shuts Down Trading, Deposit, and Withdrawal Services Indefinitely

Hotbit Shuts Down Trading, Deposit, and Withdrawal Services Indefinitely

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Leading cryptocurrency exchange Hotbit has announced that it will be suspending some of its important services indefinitely. 


According to the exchange, services such as trading, deposits, withdrawals, and funding will be halted until further notice. 

Hotbit noted that the stringent move was implemented following an ongoing criminal investigation the exchange is currently facing. 

Authorities have frozen the exchange’s funds amid the investigation, Hotbit noted. 

The frozen funds have made it difficult for Hotbit to go about its day-to-day operations, thus prompting the exchange to shut down normal operations until further notice. 

What Happened

Trouble started for the exchange after a former Hotbit management employee was involved in a fraudulent project last year, considered a gross violation of criminal laws by the authorities. 

Based on this unfortunate development, law enforcement agents have subpoenaed several Hotbit senior employees since last month. 

“Hotbit and the rest employees of Hotbit’s management are not involved in the project and have no knowledge of the illegal information involved in the project,” the exchange said. 

 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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