Hotbit, a crypto exchange, mentioned it will be pausing its operations till May 22, 2023, stated Cointelegraph. It is expected that the users will need to withdraw their funds by June 21, 2023 before 4:00 am UTC.
Sources revealed that the operating system of the exchange has fallen because one of its ex-members was held for investigation in August 2022. Reportedly, this resulted in the halt of the business, Cointelegraph added.
As reported by Cointelegraph, Hotbit believes that centralized exchanges are getting “increasingly cumbersome and are unlikely to meet long-term trends.” It is believed that the use of regulations could solve this issue.
Furthermore, many users complained that they were not able to withdraw funds. Some users also mentioned that phishing links are being circulated by the name of Hotbit exchange, Cointelegraph concluded.
(With insights from Cointelegraph)