HOTBIT EXCHANGE STOPS 🛑 || WITHDRAW FUND FAST

albon

legendary

Activity: 1932

Merit: 1549

Quote from: examplens on May 23, 2023, 02:54:29 PM

OP edited the initial post, now it is perhaps the closest to the real situation.
Yes, Hotbit has given a period of 30 days to withdraw funds, which gives room to consider them as non-scam. I see on my account that withdrawal of Bitcoin, Ethereum and USDT is currently not enabled. Given that it is no longer possible to do any conversion here, the question is what will happen to the funds of those who have significant amounts of one of these three currencies.

I think they had maintenance on the 23rd, and they updated their nodes. The currencies that can't be withdrawn at this time are BTC, ETH, USDT, LTC, USDC, and SHIB; you can try later in the next ten days; they gave a deadline of June 21st to withdraw so rest assured, I have seen a lot of videos of people who managed to withdraw their coins from the Hotbit platform smoothly on other platforms and wallets, what I see is that the Hotbit platform is not a scam exchange platform, but it stopped its services due to the many harsh conditions that it witnessed, you can also submit a request with your situation to their support via this [Link], and I hope that you will provide us with a screenshot of their responses to you so that we know how things will go.

examplens

legendary

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Crypto Swap Exchange

Quote from: robelneo on May 22, 2023, 04:19:47 PM

There's no scam accusation yet not even listing a token will not be considered a scam, this is not the first exchange that is closing, it will just create panic if an exchange will close and you create a scam thread.
We will only consider it if an exchange ceases operations without announcing or informing the community and many investors cannot withdraw their money, this thread should be in the service discussion.

There have been reports of manipulation in the past but announcing that they are ceasing their operation cannot be considered a scam attempt.

OP edited the initial post, now it is perhaps the closest to the real situation.
Yes, Hotbit has given a period of 30 days to withdraw funds, which gives room to consider them as non-scam. I see on my account that withdrawal of Bitcoin, Ethereum and USDT is currently not enabled. Given that it is no longer possible to do any conversion here, the question is what will happen to the funds of those who have significant amounts of one of these three currencies.

yhiaali3

legendary

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Payment Gateway Allows Recurring Payments

You can't call this a scam, if they list Shitcoins and you buy them and then you get stuck then it's not the exchange's fault but your own because you didn't do the necessary research.

I registered with Hotbit and traded a lot of tokens and didn't get a single scam, I always made deposits and withdrawals without any problems.

Hotbit is now ceasing operations due to the faltering market and they haven't declared bankruptcy and given users a chance to withdraw their money, so it's a shame you call them a scam.

Jawhead999

legendary

Activity: 1862

Merit: 1209

I was use Hotbit on few years ago because my shitcoins only listed on Hotbit, the good thing is I don't need to submit KYC and I able to withdraw my money, the bad thing in this exchange is the fee is quite high than other alternatives.

Although they have a bad track record, this is quite sad for me.

But I believe there's always a new centralized exchange come up without strict KYC rule, until they become big.

Aanuoluwatofunmi

sr. member

Activity: 840

Merit: 436

Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

Source

It is with great regret that a famous Cex Hotbit has been bankrupted and they will no more operate their trading in future. According to their team, Users fund are still saved and they can withdraw their fund any time before 21 June 2023.

If any user if this forum using Hotbit or have any fund, kindly Withdraw it as soon as possible. People will rush to withdraw funds and they can create many issue.

Scam work from Hotbit

Anyone found still using centralized exchanges is on his own risk because recent events should should alone be sufficient enough in teaching them lesson and the necessary steps to take in making use of a decentralized wallet for storing thier investment, more like this are still coming and not that we wish them that bad luck but that's the truth about them because they are centralized and unsecure, we also have to take it a responsibility to ensure that we take our newbie along in knowing this when introducing them to bitcoin and the preferred storage to use.

petulino

full member

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Quote from: UmerIdrees on May 22, 2023, 11:31:32 AM

Why are you trying to create a panic here ? Hotbit exchange seize thier operations and they have given everyone a fair chance to withdraw the funds. This is not like FTX exchange where they closed the exchange and denied the withdrawals of the funds.

I think you didn't read full post. He doesn't call this exchange scam for stopping Withdraw. He called scam only one thing that was IOU and now they stopping all operation then what will be given to these token holders? If you say token then there is no mainnet token live yet, if Usdt equal to their buying rate then there is no news about that. This particular action has been called scam by OP

Quote from: UmerIdrees on May 22, 2023, 11:31:32 AM

The tweet which you shared did not contain anything related to Hotbit getting bankrupted ? Do you have any source of this information ?
I wonder if this was true, then they would not have allowed people to get the funds back Huh

Yes Bankrupted Title is wrong as Hotbit clear mentioned in article that they are stopping service for three reasons.

Quote

This decision is based on three reasons:

Firstly, the deterioration of the operating conditions. After the Hotbit management team was forced to suspend operations for several weeks due to the investigation in August 2022 (https://hotbit.zendesk.com/hc/en-us/articles/8074249353495), the industry has experienced a series of crises, including the collapse of FTX, bank crises causing USDC off-peg incidents, resulting in continuous outflows of funds from CEX users, including Hotbit, and deteriorating cash flow.

Secondly, the change in the crypto industry trend. The successive collapse of large centralized institutions has led the industry to gradually in two ways: either embrace the regulation or become more decentralized. The Hotbit team believes that centralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interconnected businesses that are difficult to comply with, whether for compliance or decentralization, and are unlikely to meet long-term trends.

and thirdly Hotbit has also suffered numerous problems, such as repeated cyber attacks and the exploitation of project defects by malicious users, resulting in significant losses. Therefore, the Hotbit team believes that the operation model of supporting a diverse range of assets is unsustainable from a risk management standpoint.

Read full detail here
https://hotbit.zendesk.com/hc/en-us/articles/14750194236823

Strongkored

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

Scam work from Hotbit

Hotbit listed many unofficial token which is not yet available in market with the strategy that they will give all these tokens holder 1:1 after token launch. They listed PI token which is not officially listed anywhere and price was pumped above 300$ in the Hotbit spot market. They listed Layerzero token recently and fact is that there is no token listed anywhere by official team. Hotbit users traded in these coins with thinking that they will be given these tokens after token launch but i think all goes in vain.

What they did with the Pi token was an IOU, and that was done by many exchanges when the initial ICO appeared so it can't really be called a scam.
Used this exchange some time ago because there are some coins that are only traded here so the opportunity to sell is only on this exchange, at least Hotbit is more responsible by announcing to its users publicly that it will stop its operations so that users can take steps to sell their coins which are only traded there or withdrawing Bitcoin or other coins that can still be sold on other exchanges, unlike FTX which looks fine but apparently has gone running away from its users' funds.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

Scam work from Hotbit

Hotbit listed many unofficial token which is not yet available in market with the strategy that they will give all these tokens holder 1:1 after token launch. They listed PI token which is not officially listed anywhere and price was pumped above 300$ in the Hotbit spot market. They listed Layerzero token recently and fact is that there is no token listed anywhere by official team. Hotbit users traded in these coins with thinking that they will be given these tokens after token launch but i think all goes in vain.

Bittrex, Binance and other exchanges do the same too. Do you call them as scam exchanges?

Don't call Hotbit as a scam exchange if you don't call the same with other exchanges because of their listing policy.

At least I see Hotbit are doing good thing to give their users 1 month to withdraw money. At least they don't abruptly shut down their exchange, make a shady hack announcement and run with user money.

At least we are not witnessing an exchange like Livecoin or a hack (scam?) like Cryptopia exchanges. You can not withdraw your money from those exchanges like with Hotbit.

I don't know will Hotbit smoothly proceed all withdrawal requests from their customers in a next one month. If they announced like this and won't keep promise in next one month, we can call them as a scam exchange. Now, please don't make that call, not fair enough.

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

-snip-
Scam work from Hotbit

Hotbit listed many unofficial token which is not yet available in market with the strategy that they will give all these tokens holder 1:1 after token launch. They listed PI token which is not officially listed anywhere and price was pumped above 300$ in the Hotbit spot market. They listed Layerzero token recently and fact is that there is no token listed anywhere by official team. Hotbit users traded in these coins with thinking that they will be given these tokens after token launch but i think all goes in vain.

They were known to have run some shady operations. Regarding the unofficial listing, I think they rule loosely even for coins that don't come close to the eligibility standards for exchanges in general. That being said, where the hype token has enough support and potential to contribute trading volume like Pitoken, at that point hotbit will be the first exchange to list it. It doesn't matter who submits a listing proposal, as long as they are willing to pay, the token will be listed seamlessly.

Bitcoin_Arena

copper member

Activity: 2128

Merit: 1814

฿itcoin for all, All for ฿itcoin.

How many people used and trusted this exchange anyway?

I have seen a number of scam accusations about in the past and never even wished to ever get registered with them
1. Stay Away from HOTBIT EXCHANGE
2. SCAM ALERT HOTBIT
3. You can lose your fund cheaply with HotBit Exchange. Don't be the next Victim

Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

Hotbit listed many unofficial token which is not yet available in market with the strategy that they will give all these tokens holder 1:1 after token launch. They listed PI token which is not officially listed anywhere and price was pumped above 300$ in the Hotbit spot market. They listed Layerzero token recently and fact is that there is no token listed anywhere by official team. Hotbit users traded in these coins with thinking that they will be given these tokens after token launch but i think all goes in vain.

I see a number of exchanges do such a thing as well though I don't bother trading in such tokens until it's officially listed in an exchange

robelneo

legendary

Activity: 3416

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Enjoy 500% bonus + 70 FS

There's no scam accusation yet not even listing a token will not be considered a scam, this is not the first exchange that is closing, it will just create panic if an exchange will close and you create a scam thread.
We will only consider it if an exchange ceases operations without announcing or informing the community and many investors cannot withdraw their money, this thread should be in the service discussion.

There have been reports of manipulation in the past but announcing that they are ceasing their operation cannot be considered a scam attempt.

Little Mouse

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Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

They listed PI token which is not officially listed anywhere and price was pumped above 300$ in the Hotbit spot market. They listed Layerzero token recently and fact is that there is no token listed anywhere by official team. Hotbit users traded in these coins with thinking that they will be given these tokens after token launch but i think all goes in vain.

It's an IOU version of the PI network and was listed by a few exchanges back in the PI network listing chaos. IOU coins don't exist in the blockchain and are created out of thin air to make money by the exchanges. People don't understand this shit scam lol.

Anyway, I'm surprised that you have missed sharing one of their biggest scams. They disabled Dogecoin withdrawals to manipulate the price in their exchange so they can buy cheap Dogecoin and sell higher. When Dogecoin was trading at $0.5+, it was way less than $0.40 in hotbit if I can remember correctly. It's because they halted the Dogecoin withdraw for a consecutive few months since Dogecoin started to pump. They forced users to sell at lower prices so they can make significant profits which they really did.

UmerIdrees

hero member

Activity: 2464

Merit: 877

Why are you trying to create a panic here ? Hotbit exchange seize thier operations and they have given everyone a fair chance to withdraw the funds. This is not like FTX exchange where they closed the exchange and denied the withdrawals of the funds.

Quote from: Gladitorcomeback on May 22, 2023, 10:55:49 AM

It is with great regret that a famous Cex Hotbit has been bankrupted and they will no more operate their trading in future. According to their team, Users fund are still saved and they can withdraw their fund any time before 21 June 2023.

The tweet which you shared did not contain anything related to Hotbit getting bankrupted ? Do you have any source of this information ?
I wonder if this was true, then they would not have allowed people to get the funds back Huh

Charles-Tim

legendary

Activity: 1512

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Leading Crypto Sports Betting & Casino Platform

Already existing thread: Hotbit stops operation

About scam or no scam issue. You should know that any exchange can stop operations at anytime. This is what that is no more new again.

Trade the coins that you know are available on other exchanges. Coins like bitcoin.

Gladitorcomeback

hero member

Activity: 812

Merit: 619

Buy on Amazon with Crypto

Source

It is with great regret that a famous Cex Hotbit has been bankrupted and they will no more operate their trading in future. According to their team, Users fund are still saved and they can withdraw their fund any time before 21 June 2023.

If any user if this forum using Hotbit or have any fund, kindly Withdraw it as soon as possible. People will rush to withdraw funds and they can create many issue.

Scam work from Hotbit

Hotbit listed many unofficial token which is not yet available in market with the strategy that they will give all these tokens holder 1:1 after token launch. They listed PI token which is not officially listed anywhere and price was pumped above 300$ in the Hotbit spot market. They listed Layerzero token recently and fact is that there is no token listed anywhere by official team. Hotbit users traded in these coins with thinking that they will be given these tokens after token launch but i think all goes in vain.

Topic: HOTBIT EXCHANGE STOPS 🛑 || WITHDRAW FUND FAST (Read 227 times)