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Ethereum Ethereum (ETH) $3,643.74 ↓ -2.53%
XRP XRP (XRP) $3.03 ↓ -6.67%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.06%
BNB BNB (BNB) $766.01 ↓ -1.64%
Solana Solana (SOL) $178.00 ↓ -6.01%
USDC USDC (USDC) $1.00 ↓ 0.00%
Dogecoin Dogecoin (DOGE) $0.22 ↓ -7.60%
TRON TRON (TRX) $0.31 ↑ 0.24%
Cardano Cardano (ADA) $0.78 ↓ -5.63%
Hyperliquid Hyperliquid (HYPE) $42.45 ↓ -1.86%
Stellar Stellar (XLM) $0.41 ↓ -8.19%
Sui Sui (SUI) $3.69 ↓ -3.74%
Chainlink Chainlink (LINK) $17.64 ↓ -5.01%
Bitcoin Cash Bitcoin Cash (BCH) $535.98 ↑ 2.11%
Hedera Hedera (HBAR) $0.25 ↑ 0.64%
Avalanche Avalanche (AVAX) $23.21 ↓ -4.83%
Litecoin Litecoin (LTC) $111.34 ↓ -2.82%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.17%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -3.72%
Toncoin Toncoin (TON) $3.11 ↓ -2.95%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.06%
Uniswap Uniswap (UNI) $10.07 ↓ -3.90%
Polkadot Polkadot (DOT) $3.94 ↓ -4.23%
Monero Monero (XMR) $324.07 ↑ 0.16%
Dai Dai (DAI) $1.00 ↓ -0.02%
Bitget Token Bitget Token (BGB) $4.48 ↓ -3.25%
Pepe Pepe (PEPE) $0.00 ↓ -7.27%
Aave Aave (AAVE) $288.87 ↓ -1.61%
Cronos Cronos (CRO) $0.13 ↓ -1.06%
Bittensor Bittensor (TAO) $408.28 ↓ -5.66%
Ethena Ethena (ENA) $0.55 ↑ 10.85%
Pi Pi (PI) $0.44 ↓ -1.83%
Ethereum Classic Ethereum Classic (ETC) $21.89 ↓ -4.76%
NEAR Protocol NEAR Protocol (NEAR) $2.70 ↓ -4.32%
Ondo Ondo (ONDO) $1.00 ↓ -5.20%
Aptos Aptos (APT) $4.63 ↓ -3.06%
Internet Computer Internet Computer (ICP) $5.43 ↓ -5.07%
OKB OKB (OKB) $47.74 ↓ -1.42%
Bonk Bonk (BONK) $0.00 ↓ -11.09%
Kaspa Kaspa (KAS) $0.10 ↓ -5.90%
Mantle Mantle (MNT) $0.75 ↓ -1.45%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↓ -3.60%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -11.21%
Algorand Algorand (ALGO) $0.26 ↓ -5.52%
Arbitrum Arbitrum (ARB) $0.43 ↓ -3.93%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.02%
GateToken GateToken (GT) $17.48 ↓ -0.27%
VeChain VeChain (VET) $0.02 ↓ -3.81%
Render Render (RENDER) $3.99 ↓ -4.70%
Worldcoin Worldcoin (WLD) $1.11 ↓ -6.42%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $9.75 ↓ -3.26%
Sky Sky (SKY) $0.09 ↑ 2.52%
Sei Sei (SEI) $0.32 ↓ -3.04%
Cosmos Cosmos (ATOM) $4.56 ↓ -4.71%
Filecoin Filecoin (FIL) $2.55 ↓ -4.55%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.71 ↓ -6.04%
SPX6900 SPX6900 (SPX) $1.72 ↓ -6.74%
Jupiter Jupiter (JUP) $0.52 ↓ -6.81%
Flare Flare (FLR) $0.02 ↓ -6.59%
KuCoin Token KuCoin Token (KCS) $12.06 ↓ -1.23%
Story Story (IP) $5.17 ↓ -7.67%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.08%
Quant Quant (QNT) $118.90 ↓ -2.82%
Curve DAO Token Curve DAO Token (CRV) $1.03 ↑ 0.66%
XDC Network XDC Network (XDC) $0.09 ↓ -1.61%
Celestia Celestia (TIA) $1.85 ↓ -1.86%
Injective Injective (INJ) $13.24 ↓ -5.55%
Fartcoin Fartcoin (FARTCOIN) $1.30 ↓ -9.47%
Four Four (FORM) $3.36 ↓ -5.23%
Stacks Stacks (STX) $0.77 ↓ -5.17%
Optimism Optimism (OP) $0.69 ↓ -4.82%
FLOKI FLOKI (FLOKI) $0.00 ↓ -6.50%
Immutable Immutable (IMX) $0.54 ↓ -4.59%
dogwifhat dogwifhat (WIF) $1.02 ↓ -7.46%
Ethereum Name Service Ethereum Name Service (ENS) $27.48 ↓ -6.62%
The Graph The Graph (GRT) $0.10 ↓ -5.01%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.50 ↓ -7.56%
Kaia Kaia (KAIA) $0.16 ↓ -3.57%
Lido DAO Lido DAO (LDO) $1.06 ↓ -4.91%
PAX Gold PAX Gold (PAXG) $3,342.86 ↓ -1.07%
Sonic Sonic (S) $0.32 ↓ -5.05%
Conflux Conflux (CFX) $0.18 ↓ -2.68%
PancakeSwap PancakeSwap (CAKE) $2.63 ↓ -1.17%
Tezos Tezos (XTZ) $0.86 ↓ -6.36%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -17.88%
Vaulta Vaulta (A) $0.56 ↓ -6.01%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.04%
Theta Network Theta Network (THETA) $0.85 ↓ -4.94%
Nexo Nexo (NEXO) $1.31 ↓ -1.05%
Tether Gold Tether Gold (XAUt) $3,336.32 ↓ -1.13%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -7.54%
IOTA IOTA (IOTA) $0.20 ↓ -3.96%
Gala Gala (GALA) $0.02 ↓ -6.11%
Raydium Raydium (RAY) $2.85 ↓ -9.74%
The Sandbox The Sandbox (SAND) $0.29 ↓ -4.50%
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Pendle Pendle (PENDLE) $4.42 ↓ -1.43%
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Jito Jito (JTO) $1.92 ↓ -7.77%
Home Cryptocurrency

Hotbit Ceases CEX Operations, Urges Users to Withdraw Assets by June 21

Sean Odhran by Sean Odhran
25 May 2023
in Cryptocurrency
Reading Time: 2 mins read
0
Hotbit-Ceases-CEX-Operations-Urges-Users-to-Withdraw-Assets-by-June-21-2

After 5 years and 4 months of operation Hotbit, a prominent cryptocurrency exchange, has announced the discontinuation of all centralized exchange (CEX) operations effective from May 22 with a withdrawal deadline of June 21, UTC 04:00 . The Hotbit team which takes pride in its participation in the crypto show with 5 million users expressed regret over this decision and urged users to withdraw their remaining assets within the specified timeframe .

Table of Contents

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  • Hotbit Cites Operating Conditions and Industry Trends as Reasons for Decision
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  • Hotbit Bids Farewell to the Crypto Show After 5 Years, Acknowledging Risks and Uncertainty
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Hotbit Cites Operating Conditions and Industry Trends as Reasons for Decision

The decision to halt CEX operations was based on three key factors . Firstly the Hotbit management team faced challenges due to the investigation in August 2022 which resulted in a suspension of operations for several weeks . Subsequently the industry witnessed a series of crises including the collapse of FTX and bank-related incidents affecting USDC leading to continuous outflows of funds from CEX users including Hotbit . These factors contributed to deteriorating cash flow and operating conditions for the exchange .

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Secondly, the crypto industry trend has undergone significant changes . The repeated collapse of large centralized institutions has prompted the industry to embrace regulation or move towards decentralization . The Hotbit team believes that the complex and interconnected nature of centralized exchanges has become cumbersome posing challenges for compliance and adaptation to the long-term trends of the industry .

Hotbit-Ceases-CEX-Operations-Urges-Users-to-Withdraw-Assets-by-June-21

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Hotbit Bids Farewell to the Crypto Show After 5 Years, Acknowledging Risks and Uncertainty

Throughout its journey Hotbit has gained recognition for offering a wide variety of assets and value-added services . It was the first exchange to list emerging assets like SHIB, KSM, GRIN and introduced staking services and Defi mining using Compound . However the industry’s uncertainty has exposed Hotbit to significant challenges including repeated cyber attacks and the exploitation of project vulnerabilities by malicious users resulting in substantial losses . Consequently the Hotbit team believes that the operation model of supporting a diverse range of assets is unsustainable from a risk management perspective .

As Hotbit bids farewell to its crypto show the team expresses gratitude to its users and acknowledges both the joys and tears experienced throughout the journey . While the Hotbit CEX operations come to an end the team remains hopeful about the bright future of crypto innovation with some members continuing to fight for its advancement .

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Sean Odhran

Sean Odhran

Financial Writer Hello there, my name is Sean, and I'm a financial reporter with a particular interest in the world of cryptocurrency. I'm passionate about delivering accurate and insightful reporting that helps my readers navigate the complex world of finance and make informed decisions about their investments.

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