Hotbit announces that it will cease operations, and users must withdraw their remaining assets by June 21

ChainCatcher news, cryptocurrency exchange Hotbit announced that it will cease all CEX operations starting from May 22 at 04:00 UTC, and requires all users to withdraw their remaining assets before June 21 at 04:00 UTC.

Hotbit stated that this decision is based on three reasons: first, the deterioration of operational conditions, with continuous outflow of user funds from CEX including Hotbit; second, changes in trends within the cryptocurrency industry, with the Hotbit team believing that centralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interrelated operations that are difficult to comply with whether for regulation or decentralization, making it unlikely to align with long-term trends; third, Hotbit has also faced multiple issues such as network attacks and exploitation of project flaws by malicious users, resulting in significant losses. (source link)