On May 22, the encrypted trading platform Hotbit announced that the platform will stop all CEX operations at 12:00 on May 22, Beijing time, and all users must withdraw the remaining assets before 12:00 on June 21.
Hotbit stated that the above decision was based on the deterioration of operating conditions, changes in the trend of the encryption industry, and the discovery that the operating model supporting diversified assets is unsustainable.
In August 2022, Hotbit issued an announcement saying that since the end of July, several senior management personnel of Hotbit have been summoned by law enforcement agencies, and the deposit and transaction functions have been suspended.
