Crypto Exchange Hotbit Suspends Trading and Withdrawals

Crypto exchange Hotbit has informed its clients that it will suspend trading, deposit, withdrawal and funding functions, but the exact time of resumption cannot be determined at the moment.

According to the company, the reason is that a former Hotbit management employee who left Hotbit in April this year was involved in a project last year that law enforcement authorities now think is suspected of violating criminal laws.

So, a number of Hotbit senior managers have been subpoenaed by law enforcement since the end of July and are assisting in the investigation. Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.

"Hotbit and the rest employees of Hotbit's management are not involved in the project and have no knowledge of the illegal information involved in the project. However, we are still actively cooperating with the law enforcement authorities in their investigations and are continuously communicating with them through our lawyers and applying for the release of the frozen assets. The assets of all users are safe on Hotbit,"the company stated.

Hotbit highlighted that it will resume normal service as soon as the assets are unfrozen.