Crypto exchange Hotbit exposes the trade after the authorities have frozen funds

Crypto exchange Hotbit exposes the trade after the authorities have frozen funds

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The Hotbit cryptocurrency exchange has exposed the trade, deposits and withdrawals after the authorities had frozen part of their funds for a suspected violation of criminal law.

The step to suspend the services took place after allegations that a former manager, whom Hotbit left in April, was involved in activities that “violate the internal principles of Hotbit,” said the company in a statement on Wednesday.

Some of the management managers of the platform were charged at the end of the last month and cooperate with the investigation of the agency, added.

Hotbit did not mention which court authority is investigating his managers or the total value of the frozen funds, although it is unlikely that they come from the USA.

The companies Page says that it is registered both in Estonia and Hong Kong, while it is based in Shanghai and Taipei. CB insights Listen The headquarters of Hotbit is located in Hong Kong crunchbase reports Beijing.

Hotbit did not answer the request from Blockworks after a statement on his trade suspension and confirmation of his headquarters until the editorial deadline.

It is expected to resume the services as soon as the assets are released again, but the company is not sure when that will be. Hotbit, a smaller stock exchange compared to Binance and Coinbase, reported a trading volume of $ 350 million a year Coinmarketcap .

The company claims that other employees of the Hotbit management and the platform itself were not involved in the alleged illegal activities that are examined.

"We continue to work actively with the law enforcement agencies in their investigation and continuously communicate with you and apply for the frozen assets," said Hotbit in his announcement. "The assets of all users are safe on Hotbit."

Unpublished open orders not executed on the platform are made invalid before the services are resumed to avoid possible losses, and all the lit ETF positions are forced.

Hotbit was founded in 2018 and claims to have more than a million users from 170 countries. The members of the company's core team come from the USA, China and Taiwan, and according to ITS website .

Last year the platform provided its services for about a week a cyber attack took many of his services. The attackers also tried to get control over the whales of the stock exchange.

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The post "Crypto Exchange Hotbit Suspends Trade After Afer Authorities Freeze Funds" is not a financial advice.