Bitcoin News and Finance
Crypto Exchange Hotbit Suspends Service After Law Enforcement Freezes Its Funds, Subpoenas Senior Managers Skip to main content

Crypto Exchange Hotbit Suspends Service After Law Enforcement Freezes Its Funds, Subpoenas Senior Managers

Crypto Exchange Hotbit Suspends Service After Law Enforcement Seizes Its Funds, Subpoenas Senior Managers

Crypto exchange Hotbit has announced the suspension of trading, deposits, withdrawals, and funding on its platform. The exchange said law enforcement has frozen some of its funds and subpoenaed some senior managers as they investigate a criminal case involving the exchange’s former employee.

Hotbit Suspends Trading, Deposits, Withdrawals

Cryptocurrency exchange Hotbit announced the suspension of its services on Wednesday. The company wrote:

We regret to inform you that Hotbit will have to suspend trading, deposit, withdrawal and funding functions. The exact time of resumption cannot be determined at the moment.

The exchange detailed that the reason for the suspension is because a former management employee is suspected of violating criminal laws.

The employee left Hotbit in April. Unbeknownst to the exchange, he was involved in a project last year that was in violation of the company’s internal practice, the announcement details.

Law enforcement has subpoenaed a number of Hotbit senior managers since the end of July. They are currently assisting the authorities in the investigation, the exchange added, elaborating:

Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.

Hotbit’s website states that the exchange has more than 700,000 registered users from more than 210 countries. “By focusing on the world’s emerging markets such as the markets of Russia, Japan, South Korea, Turkey, and Southeast Asian countries, Hotbit has gathered its users from Twitter, Telegram, VK, and Facebook,” the website details.

The exchange does not provide services for users in a number of countries, including the U.S., China, Singapore, and Japan.

Hotbit is applying for the release of the frozen assets, the exchange noted, emphasizing that “The assets of all users are safe” on its platform. Moreover, the company claims that all users’ assets and data on the exchange “are secure and correct,” elaborating:

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

Hotbit has become the latest crypto exchange to halt withdrawals. On Tuesday, German crypto exchange Nuri, formerly Bitwala, filed for insolvency. Recently, Singapore-based crypto exchange Zipmex halted withdrawals and filed for a moratorium. Other crypto firms that have filed for bankruptcy include crypto lenders Voyager Digital and Celsius Network.

What do you think about Hotbit suspending service due to an investigation relating to a former employee? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory