Despite the fact that cryptocurrency exchange Hotbit has shut down, the buzz around it has not subsided and is causing a stir in the global cryptocurrency community.
The exchange shut down on June 30 after halting trading on May 22. The exchange said it had ceased all transactions and services, including cryptocurrency transactions. However, $6 million worth of assets can be withdrawn from the exchange's wallet, which will be converted into USDC and transferred to DF asset holders.
HotBit issued an official statement on its website saying goodbye to its users and the cryptocurrency world, citing high server costs.
But the story does not end there.
According to information published on the news portal Coincu, Hotbit is suspected of trying to defraud its users. As RichQuack (@RichQuack) wrote on Twitter, the initiative fell victim to Hotbit's fraudulent practices. According to RichQuack, Hotbit sold 256 trillion QUEK coins belonging to $QUACK holders on PancakeSwap.
Moreover, the exchange is currently dumping many projects. For example, according to BSC Scan, Hotbit sold 4,000 BNB worth of BabyDogeCoin (BABYDOGE) on PancakeSwap and $500,000 worth of DogelonMars (ELON) on Uniswap.
It's worth noting that no other investor besides RichQuack has reported fraud by Hotbit or hacking of their account.
