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Top cryptocurrency news: Crypto Exchange Hotbit suspended operations

12-Aug-2022 By: Rohit Tripathi
Top cryptocurrency n

Top bitcoin news: Crypto Exchange Hotbit ceased operations following l

Hotbit , a cryptocurrency exchange, has suspended 

Trading, deposits, withdrawals, and financing on its platform. 

According to the exchange, law enforcement has frozen some of its funds and summoned several top executives as part of an investigation into a criminal case involving the exchange's former employee.

On Wednesday, cryptocurrency exchange Hotbit announced the suspension of its services. The company wrote:

“We regret to notify you that Hotbit's trading, deposit, withdrawal, and financing activities will be suspended. The exact time of resumption cannot be known at this moment.”

According to the exchange, the suspension is being imposed because a former management employee is accused of breaking criminal laws.

In April, the employee left Hotbit. Unbeknownst to the exchange, he was involved in a project last year that violated the company's internal policy, according to the report.

Since the end of July, law enforcement has subpoenaed a number of Hotbit top executives. They are presently assisting authorities with the inquiry, according to the exchange, elaborating:

Furthermore, law enforcement has frozen some of Hotbit's funds, preventing it from operating effectively.

According to Hotbit's website, the exchange has over 700k registered users from over 210 countries as Hotbit also provides funding hotbit login demo. The signing-in to Hotbit consists of simple steps and logging options are login via email as well as login via phone. Hotbit has attracted users from Twitter, Telegram, VK, and Facebook by focusing on the world's emerging markets such as Russia, Japan, South Korea, Turkey, and Southeast Asian countries, according to the website.

The exchange does not offer services to users in a number of countries, including the United States, China, Singapore, and Japan.

The exchange stated that Hotbit is requesting the release of the frozen funds, adding that "the assets of all users are safe" on its platform, elaborating: “Hotbit will resume regular operations as soon as the assets are unfrozen.”

Hotbit is the latest cryptocurrency exchange to suspend withdrawals. On Tuesday,  Nuri, formerly Bitwala, a German cryptocurrency exchange, filed for bankruptcy. Zipmex, a Singapore-based cryptocurrency exchange, has suspended withdrawals and filed for a moratorium. Crypto lenders Voyager Digital and Celsius Network are among the other businesses that have filed for bankruptcy. Make your account on Hotbit with easy Hotbit login. 

Read also: Top cryptocurrency news: German cryptocurrency bank Nuri files for insolvency

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