Shock Statement From The Giant Cryptocurrency Exchange: Trading, Withdrawals and Deposits Suspended!

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bitcoin and cryptocurrency exchange Hotbit reported that it was forced to suspend its trading, deposit, withdrawal and funding functions and said that the time to restart is not clear at this time.

Cryptocurrency Exchange Hotbit Explains The Reason For The Latest Development

The giant stock market explained the reason for this latest development in the blog post it shared:

“This is because a former Hotbit management employee who left Hotbit in April of this year was involved in a project last year (which goes against Hotbit’s internal principles and is unknown to Hotbit), and law enforcement is now suspected of violating criminal laws.

As such, some Hotbit senior executives have been subpoenaed by law enforcement since the end of July and are assisting with the investigation. In addition, law enforcement froze some of Hotbit’s funds, which prevented Hotbit from working normally.”

Hotbit claimed that none of its employees, other than the employee in question, were involved in the illegal project:

“Hotbit and the rest of the Hotbit management staff are not involved in the project and have no knowledge of the illegal information contained in the project.

However, we continue to actively cooperate with law enforcement in their investigations and are in constant contact with them through our lawyers and apply for the release of frozen assets. All users’ assets are safe on Hotbit.”

The exchange reported that law enforcement will allow asset withdrawals after the unblocking of assets:

“Hotbit will resume normal service as soon as the assets are released. All user assets and data on Hotbit are secure and accurate.”

*Not investment advice.

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