Hotbit, a centralized crypto exchange announced on May 2023 that it would be stopping all operations due to deteriorated operating conditions, the change in crypto space in opting for a decentralized exchange that is killing centralized exchanges, and also due to repeated cyber attacks and exploitation of the platform.
The HotBit exchange had been operating since 2018 and was known for its large selection of cryptocurrencies and its user-friendly interface. In its announcement, Hotbit stated that it has decided to stop all Centralized Exchange Operations from May 22, UTC 04:00, and asked all users to withdraw their remaining assets before June 21, UTC 04:00.
It's time to take a bow 🙇
— Hotbit News (@Hotbit_news) May 22, 2023
For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful crypto show with 5 million users. However, it is with great regret that we have made the decision to stop all CEX operations from May 22, UTC 04:00. We kindly ask all…
Hotbit's decision to end Cex operations permanently was met with a reaction from the cryptocurrency community. People see the week as wild for crypto, after major shocks from Ledger, Metamask and now Hotbit the leading exchange with 5m+ users shutting down operations.
The incident at Hotbit serves as a reminder to embrace decentralized exchanges while Cexs play a crucial role in the cryptocurrency ecosystem, they are often targeted by hackers and are vulnerable to system errors. It is important users need to take precautions when using exchanges, such as self-possession of their assets and only use exchanges that have a proven track record of security.
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