Cryptocurrency trading platform Hotbit said it ended all centralized exchange (CEX) operations, citing deteriorating operating conditions and changes in the broader crypto landscape.
Users have until 04:00 UTC on June 21 to withdraw their assets from the platform, Hotbit said Monday.
Hotbit, which says it has 5 million users, suspended trading deposits and withdrawals last August after law-enforcement authorities froze some of its funds during a criminal investigation into a former employee.
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The wider crypto industry was then plunged into crisis mode after the collapse of exchange FTX in November, which resulted in “continuous outflows of funds from CEX users … and deteriorating cash
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