Following the announcement, numerous community members reported difficulties in withdrawing their funds from the exchange.
Crypto exchange Hotbit announced that it would be halting operations as of May 22. The exchange asked its users to withdraw funds before June 21, at 4:00 am UTC.
In an announcement, the exchange said that its operating conditions have deteriorated since a former member of its team wasin August 2022. According to the exchange, the probe forced it to stop its business for weeks. In addition, Hotbit also cited various incidents within the crypto space as contributors to its decline. The exchange cited the FTX collapse and the banking crises that caused the USD Coin depegging event as reasons for its deteriorating cash flow. Hotbit said the incidents resulted in a continuous outflow of funds from centralized exchanges.
The Hotbit team also believes centralized exchanges are becoming “increasingly cumbersome” and are “unlikely to meet long-term trends.” The exchange said the only options are to become more decentralized or embrace regulation.and the exploitation of “project defects by malicious users” as reasons for its downfall.
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