It seems that Hotbit is currently struggling with liquidity; customers must now pay a 0.50% fee to add funds.
In Brief
The issues with liquidity might be catching up with crypto exchange Hotbit.
Users who wish to deposit their funds are subject to a 0.50% fee.
Hotbit also requires users to pay a withdrawal fee ranging from 10 to 50 $USDT for any cryptocurrency.
The Hong Kong-based cryptocurrency exchange Hotbit, favored by many cautious investors, seems to be grappling with liquidity issues.
In 2021, Hotbit had to suspend its operations following an attempted hack that occurred on April 30. Back then, the company's chief security officer, Alex Zhou, assured users that their funds remained safe. They stated that all assets had been moved from a hot wallet to a cold wallet. Although the platform continued to operate, it appears that user data was compromised.
In August 2022, Hotbit had to halt all trading, deposits, withdrawals, and fundraising due to alleged criminal connections involving a former employee of the management team. This led to law enforcement freezing the exchange's funds, disrupting normal operations. announcement Time has passed since that event, and now Hotbit is seemingly encountering liquidity issues. As of today, users are incurring a 0.50% fee for depositing their funds. Additionally, customers are required to pay withdrawal fees in the range of 10 to 50 $USDT, along with gas fees in $USDT for any cryptocurrency withdrawal, even for less popular coins.
The platform's transaction page clarifies, 'The actual tokens credited to your account will reflect the deposited amount minus the transaction fee.'
Could it be that misfortune has followed the crypto community into the new year? The unforeseen collapse of FTX in November 2022 deeply unsettled the crypto ecosystem. Is Hotbit now facing its own set of liquidity troubles? Only time will unravel that mystery.
Animoca Brands has revised its fundraising target, aiming for $1 billion rather than the initially planned $2 billion.
Read more:
Disclaimer
In line with the Trust Project guidelines Valeria is a journalist at Metaverse Post with a focus on fundraising, AI, metaverse initiatives, digital fashion, NFTs, and all things related to web3.
