Hotbit Crypto Stops Operating, a crypto dealer from America has officially closed all of its operations including trading, deposit, withdrawal and funding services on its platform, starting May 22, 2023 at 11.00 local time.
In its official statement, Hotbit said that the closure of operating services had to be carried out, the impact of an illegal act committed by a former Hotbit management employee.
In 2021, a former Hotbit employee was involved in a criminal law violation scandal because he was running an illegal project. As a result of this case, Hotbit was investigated, until this crypto buying and selling service was temporarily suspended by the authorities in August 2022.
Before being hit by various cases, Hotbit, which had been established since 2008, had controlled sales in Asian crypto markets including Japan, Russia, South Korea, Southeast Asian countries, and Turkey.
Hotbit’s booming existence has even made this crypto buying and selling platform have 5 million daily users, Even though Hotbit has been able to operate as before, unfortunately the legal scandal that hit Hotbit has triggered a loss of investor confidence. This condition was exacerbated by changes in the trend of the crypto industry and the collapse of a number of crypto exchanges and banks, including FTX.
Hotbit Crypto Stops Operating This series of pressures then made crypto investors start to run away from Hotbit, so that the income from the trading business on the cryptocurrency exchange experienced a sharp decline.
Worried about the threat further fueling the swelling of losses, Hotbit’s CEO finally decided to close all of its operations, Later, before the Hotbit platform is permanently closed, customers will be given time to withdraw all their assets stored in the Hotbit crypto wallet before June 21, 2023.