- Over the last couple of days, there has been some concern about the Hotbit exchange.
- Hotbit had made an announcement on its website stating that the exchange has suspended all deposit, withdrawal, and funding functions.
- The exchange announced that it is fully cooperating with law enforcement.
Over the last couple of days, there has been some concern about the Hotbit exchange and whether user’s assets are safe. Hotbit responded to these concerns on Twitter urging people to ignore all the rumors making rounds.
Hello, please don’t believe or spread rumors. We will return, but it will take a little bit of time. Please don’t panic.
All user’s asset is safe on Hotbit, don’t worry. And the compensation plan for users will be published when the website is resumed, please wait patiently.— Hotbit News (@Hotbit_news) August 20, 2022
Hotbit had stated, “We will return, but it will take a little bit of time”. Hotbit had also added that all user’s assets are safe and that people should not be worried or concerned. The exchange then made an announcement on its website stating that the exchange has suspended all deposit, withdrawal, and funding functions.
The reason for this is because a former employee of Hotbit, who left the company in April of 2022, is suspected of “violating criminal laws” by law enforcement authorities. In addition to this, a number of Hotbit senior managers have been subpoenaed by law enforcement since as early as July.
Law enforcement has also frozen some of Hotbit’s funds, which is why Hotbit is not running normally at the moment.
In the same announcement, Hotbit assured people that Hotbit and the rest of its employees and management are not involved in any criminal activity and had no knowledge of any illegal action in the company.
The announcement also stated that Hotbit is fully cooperating with law enforcement. With regards to people’s funds, Hotbit stated that their lawyers are actively trying to release frozen assets.
Hotbit concluded the announcement by stating that the exchange will resume normal operations as soon as assets are unfrozen and when the company is sure that the data and assets on Hotbit are secure and correct.
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