Key Point

• A former Hotbit staff member has allegedly violated criminal laws, and the investigative process has affected the normal functioning of the exchange.

The crypto exchange Hotbit has announced the suspension of all forms of deposits, withdrawals, and trading on its platform indefinitely, according to a Monday blog post by the exchange.

Per the release, a former Hotbit staff member who left the firm last month was involved in a project in 2022 that is against Hotbit’s internal principles, as a result, law enforcement agencies think the staff member has infringed crime laws, therefore, many of the exchange’s senior staff have been subpoenaed by law enforcement agencies to help with the investigation and the some of the exchange’s funds have as well been frozen, all these have greatly affected the normal operation of the firm and now, it has no option than to close down operations indefinitely.

“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,” the exchange told users in the blog post.

From the point at which the assets are frozen, users’ unfilled open orders will be canceled before the exchange services will be back, this is to prevent loss that may result from asset instability. Also, all users leveraged ETF positions will be liquidated according to the relevant net values, this is also to prevent loss that may result from holding positions.

Hotbit assured of giving necessary cooperation with law enforcement agencies, and users will be updated as events unfold.

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