Cryptocurrency exchange Hotbit announced that after five years of operation, it will cease its activities.
On May 22 at 04:00 UTC, Hotbit will cease all operations, and all users of the cryptocurrency exchange must withdraw their assets by June 21, 04:00 UTC.
According to the information published on the official website of Hotbit, the main reasons for the closure of the exchange are the deterioration of working conditions due to a series of crises that led to capital outflows, the change in the trend of the crypto industry, uncertainty in the industry and repeated cyberattacks, which led to significant losses.
"The successive collapse of large centralized institutions has led the industry to gradually change in two ways: either embrace the regulation or become more decentralized," Hotbit said in a statement.
"We want to say thank you and take a bow now. We still believe a bright future about crypto innovation and some of us will still fight for it," the cryptocurrency exchange said in a statement.
As a reminder, Hotbit suspended trading, deposits, and withdrawals for all clients in August 2022. At the time, some of the platform's assets were frozen as part of an investigation into a former employee of the exchange, preventing the company from fully operating.
Hotbit launched in 2017, with full trading and investing functionality released in 2018. Since its inception, Hotbit has offered a wide variety of assets and methods. Hotbit was the first exchange to list SHIB, KSM, and GRIN and was also the first to offer stacking services and open access to Defi mining with Compound.
