Encrypted trading platform Hotbit suspends deposit and withdrawal functions, and law enforcement agencies freeze part of Hotbit’s funds

The encrypted trading platform Hotbit announced that it will suspend the deposit and withdrawal functions, and the specific recovery time is currently uncertain. The reason is that in April of this year, former Hotbit managers participated in a project last year (the project violated Hotbit's internal principles, and the Hotbit team was not aware of it), and law enforcement agencies now believe that the project is suspected of violating the law. Several senior Hotbit executives have been subpoenaed by law enforcement since the end of July and are assisting with the investigation. In addition, law enforcement agencies froze part of Hotbit's funds, causing Hotbit to fail to operate normally. Hotbit stated that all users' assets are safe on Hotbit, and normal services will resume immediately after the assets are unfrozen. Hotbit is working hard to continue to cooperate and follow up the progress of the investigation by law enforcement agencies, and will announce the results of the investigation as soon as possible.