Hotbit stops operation | Bitcointalksearch.org

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Quote from: examplens on December 08, 2023, 06:01:13 AM

Here's my case, luckily it was a miserable amount, but still my money.
I had some tokens worth $10 there. In the regular withdrawal process, it would cost me part of those tokens and that would be max. $0.5. After their notice, I was curious to go through the process, so I went to clear that account, but the withdrawal of that token was disabled. I contacted support and they soon enabled the withdrawal, but this time the fee was around 50 USDT.
Now tell me that is fair and honourable behaviour.

I will definitely give them negative feedback everywhere, we don't need such petty swindlers

It was not just you. I read somewhere that someone wanted to withdraw is 7million SHIB, but the withdrawal fee was 3 Million SHIB and as if that was not enough, the minimum withdrawal amount set by the Hotbit scammers was 8 Million SHIB... and no he couldn't trade it to USDT or BTC because by that time, even trading was disabled. So in simple terms he could not get SHIB out of the exchange even within the so-called withdrawal grace period. Grin

How can someone convince me that this was not a scam operation?

examplens

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Quote from: Saint-loup on December 06, 2023, 05:03:20 PM

Quote from: logfiles on December 04, 2023, 06:29:00 PM

A CEX that locked up customer's money after a quick short notice of shutting down and now returning as a DEX promising a better service? No, thank you Grin

Why the quick U-turn?

Well a short notice is better than no notice at all. Usually exchanges only notice their users once they've closed markets and withdrawals and at best require KYC to customers in order to recover their funds. I've been able to withdraw my funds without KYC or any endless procedure, so I wouldn't say it's the worst closing experience I underwent, unfortunately. They certainly could do better but if they thought they had nastily scammed their customers I don't think they would come back with the same brand name and the same social media accounts, and they would leave open their customer service. Anyway I'm not very optimistic about the success of their DEX though.

Here's my case, luckily it was a miserable amount, but still my money.
I had some tokens worth $10 there. In the regular withdrawal process, it would cost me part of those tokens and that would be max. $0.5. After their notice, I was curious to go through the process, so I went to clear that account, but the withdrawal of that token was disabled. I contacted support and they soon enabled the withdrawal, but this time the fee was around 50 USDT.
Now tell me that is fair and honourable behaviour.

I will definitely give them negative feedback everywhere, we don't need such petty swindlers

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Quote from: rat03gopoh on December 01, 2023, 09:11:08 AM

I accidentally checked Hotbit telegram channel, and it turns out they're preparing to launch Hotbit 2.0 DEX version with 2 types of trading (Swap and Margin), currently in testnet stage and has a bug bounty program. The mainnet launch isn't yet known. https://t.me/Hotbit_English/3486469
Disclaimer: I'm not affiliated with Hotbit

After closing down, they're going to get into a 2.0 dex version? Hmmm, sounds fishy as it is and not a typical move from a cex moving to dex and if let's get into the example of being centralized. Something like this is unlikely to happen for real.

Scam or not, I'd never use a DEX that came from a closed down CEX operation. It's just odd for me although we've seen some P2P markets that have been announced their closure and came back alive again.

This is a little bit different from hotbit to having a 2.0 DEX. Anyway, we've got a lot of news all over this year about exchanges closing, maybe more by 2024.

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Quote from: Saint-loup on December 06, 2023, 05:03:20 PM

Well a short notice is better than no notice at all. Usually exchanges only notice their users once they've closed markets and withdrawals and at best require KYC to customers in order to recover their funds. I've been able to withdraw my funds without KYC or any endless procedure, so I wouldn't say it's the worst closing experience I underwent, unfortunately. They certainly could do better but if they thought they had nastily scammed their customers I don't think they would come back with the same brand name and the same social media accounts, and they would leave open their customer service. Anyway I'm not very optimistic about the success of their DEX though.

You were able to withdraw your money, but not everyone was lucky. You might have probably been one of the lucky few. If you get sometime, Just search through forums like reddit to get a clear picture of how many people lost their money

The best they could have done was to put accounts on withdraw mode only for some good time, like how localBitcoins or localcryptos did. That's how you gracefully shutdown a business.

Let me just show you a few examples

Quote from: https://www.reddit.com/r/CryptoCurrency/comments/143wiev/the_ongoing_hotbit_exchange_scam_should_be/

For anyone out of loop, HotBit is an exchange that closed down 17 days ago and has given its users one month grace period to withdraw their fund. Sounds like a "graceful" exit however, for their biggest asset USDT they've only enabled ERC20 withdraw and the withdraw fee is an astronomical 48 dollars which they claim it's affected by the network condition but last time I checked ERC20 transfer only costs around 1 dollar.

It's plain obvious they are attempting to steal money from users before finally going out of business. So far they've:

Shut down support;

Closed twitter replies;

Deleted HotBit reddit;

Disabled telegram comment.
All intended to silence users. If you search HotBit on twitter you will also find hundreds of claim that HotBit embezzled their coins/tokens.

Just look through this recent reviews... This is not something faked or made up
https://www.trustpilot.com/review/www.hotbit.io?sort=recency

Saint-loup

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Quote from: logfiles on December 04, 2023, 06:29:00 PM

A CEX that locked up customer's money after a quick short notice of shutting down and now returning as a DEX promising a better service? No, thank you Grin

Why the quick U-turn?

Well a short notice is better than no notice at all. Usually exchanges only notice their users once they've closed markets and withdrawals and at best require KYC to customers in order to recover their funds. I've been able to withdraw my funds without KYC or any endless procedure, so I wouldn't say it's the worst closing experience I underwent, unfortunately. They certainly could do better but if they thought they had nastily scammed their customers I don't think they would come back with the same brand name and the same social media accounts, and they would leave open their customer service. Anyway I'm not very optimistic about the success of their DEX though.

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Quote from: Saint-loup on December 02, 2023, 02:56:29 PM

We definitely need more large and user friendly DEXs, I don't know if it will be one of them, but it's better than nothing at all.

A CEX that locked up customer's money after a quick short notice of shutting down and now returning as a DEX promising a better service? No, thank you Grin

Why the quick U-turn?

Saint-loup

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If it's a true DEX they won't be able to scam people or at least pretty hardly because they won't hold their funds. I haven't been able to connect to it in order to test it but they seem to use Arbitrum for the moment and to accept Metamask, WalletConnect and Coinbase wallet, so it will certainly work as a common DEX. We definitely need more large and user friendly DEXs, I don't know if it will be one of them, but it's better than nothing at all.

docs : https://hotbit.gitbook.io/hotbit/

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Quote from: rat03gopoh on December 01, 2023, 09:11:08 AM

I accidentally checked Hotbit telegram channel, and it turns out they're preparing to launch Hotbit 2.0 DEX version with 2 types of trading (Swap and Margin), currently in testnet stage and has a bug bounty program. The mainnet launch isn't yet known. https://t.me/Hotbit_English/3486469
Disclaimer: I'm not affiliated with Hotbit

Though some members seem to disagree, to me this looks like a smooth scam operation. Tell customers that they are shutting down ---> Tell customers to withdraw all their funds ---> But then hike the withdrawal fees so some members just give up on withdrawing their assets ---> Shorten the withdrawal window ---> Keep former customer funds and relaunch as a "DEX" after a short time with no way of logging in as an old customer.

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I accidentally checked Hotbit telegram channel, and it turns out they're preparing to launch Hotbit 2.0 DEX version with 2 types of trading (Swap and Margin), currently in testnet stage and has a bug bounty program. The mainnet launch isn't yet known. https://t.me/Hotbit_English/3486469
Disclaimer: I'm not affiliated with Hotbit

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I'm one of the users who was not able to claim the assets remaining in the exchange, but it's not a big deal though, as those assets probably do not hold much value anymore. I just read the news, and I would have regretted it if I had a lot of coins because the deadline was already over. I was thinking that operating an exchange is profitable, but nowadays the competition in the market is really tight. Hotbit is not as big as Binance, and there were rumors before that they were faking their volume to lure traders to sign up for their exchange.

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It is making noise on Twitter that Hotbit is dumping all of those probable unclaimed assets and put them up on sale. I haven't read the entire details of it but just saw some quick headlines and summary of this news.

While some of these people think that Hotbit didn't go into notice with their shutdown but, as I've made this thread, they've made a closure and announcement.

Quote from: Potato Chips on July 02, 2023, 05:50:27 PM

Emphasis on "irreparable" which means impossible to repair hence yes, if you're passed the deadline, it is most likely gone. However, I would still suggest shooting an email to Hotbit cause who knows - a tiny bit of hope that they might take mercy on you.

It's possible they'll make some exemption but those that have funds there should just accept that it's good and gone forever.

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So the deadline for withdrawing funds from Hotbit has passed. I was right when I accused them of deliberately raising the withdrawal fee because they themselves admitted that the value left in their hot wallet was 6 million USD. They plan to convert this into USDC and thereby partially reduce the losses of investors in their shit tokens DF and HTB.
So they stole from one user to cover a debt (caused by their fault) with another user.

https://www.hotbit.io/maintenance

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Quote from: Marykeller on July 01, 2023, 02:01:00 PM

Not only is 1 month too short. How will Hotbit find the only medium to pass out the information about stopping their operation through Twitter like all their 5 million users are on Twitter and also following them there(Twitter)?

I'm not a hotbit user hence I'm not sure if they never sent an email during the whole period which is like the bare minimum but if that's actually the case then that's another sign which tells their intentions Wink

Quote from: Marykeller on July 01, 2023, 02:01:00 PM

Imagine that I have my assets on Hotbit exchange and am getting to know about their new development of stopping operations now. Does that imply my whole assets with them are gone since I failed to remove my assets before June 21?

By the way, they have extended the deadline to June 30th but it's still too late because we're on 2nd of July now.

Quote from: https://help.hotbit.io/hc/en-us/articles/15377625198743-Hotbit-s-Announcement-on-Extending-the-Withdrawal-Deadline-to-June-30th-2023

Please withdraw the remaining assets in the account as soon as possible before June 30th, 2023, otherwise the losses caused will be irreparable.

Emphasis on "irreparable" which means impossible to repair hence yes, if you're passed the deadline, it is most likely gone. However, I would still suggest shooting an email to Hotbit cause who knows - a tiny bit of hope that they might take mercy on you.

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Quote from: Potato Chips on May 22, 2023, 04:57:06 PM

1 month is too short, not everyone will be able to withdraw... but perhaps that's what they wanted. It's possible they don't have enough funds to cover everything mainly due to the frozen assets from last year which they haven't gotten back.

Not only is 1 month too short. How will Hotbit find the only medium to pass out the information about stopping their operation through Twitter like all their 5 million users are on Twitter and also following them there(Twitter)?

Imagine that I have my assets on Hotbit exchange and am getting to know about their new development of stopping operations now. Does that imply my whole assets with them are gone since I failed to remove my assets before June 21?

Despite this, no exchange should be trusted to hold assets because they could act in the future the same manner that FXT and Hotbit exchange did (pull assets or stop operations).

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Quote from: examplens on June 26, 2023, 12:18:31 PM

Quote from: Saint-loup on June 23, 2023, 12:15:11 PM

I don't think we can call that a scam, sadly some exchanges don't let people to recover any of their funds when they decide to shut down their business. Here you can still get back your funds even if withdrawal fees are high. And they even let you deposit more funds to top up your balance in order to reach the minimum withdrawal thresholds. It was quite a surprise for me to be honest. In addition, they have extended the original deadline by 9 days, now customers can withdraw their funds till June 30.

This is exactly what they want to achieve, they create the appearance that they are doing everything in accordance with the law, and at the same time they have made the possibility of withdrawing money significantly more difficult. At the same time, they increased their fee margin by 50x or more. Of course, their reputation is no longer important because they are going out of business.
All users should be grateful for the 9-day bonus. Why can't it be a longer period, I'm sure that many still haven't seen the closing notice.

It can certainly feel like a scam when you're trying to withdraw your crypto and engage with unexpected fees. I need more eth in order to cover the transaction fees for withdrawing, but the fees half of the value of my coins. That's definitely not an ideal situation and we might have to take the loss.

It's unfortunate that so many cex's seem to be struggling lately. This might feel hesitant about continuing to use them, and stay away.

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Despite many people disappointed with Hotbit stop operation and get bad reputation from some trader, actually I love Hotbit very much because most profitable exchange for arbitrage. Consistent last two years earn above $200 from arbitrage with Hotbit exchange and priority with new coins listing and has BSC scan network, but finally this exchange should stop operation and many people loss their money because faced difficult for withdrawing assets actually have to withdraw with shit coins and get higher fees transaction.

But its better side with Hotbit stop operation because they give chance for user withdrawing their assets, last exchange scam like Cryptopia, FTX and HOO are exchange never give chance for user withdrawing their fund.

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Quote from: Saint-loup on June 23, 2023, 12:15:11 PM

I don't think we can call that a scam, sadly some exchanges don't let people to recover any of their funds when they decide to shut down their business. Here you can still get back your funds even if withdrawal fees are high. And they even let you deposit more funds to top up your balance in order to reach the minimum withdrawal thresholds. It was quite a surprise for me to be honest. In addition, they have extended the original deadline by 9 days, now customers can withdraw their funds till June 30.

This is exactly what they want to achieve, they create the appearance that they are doing everything in accordance with the law, and at the same time they have made the possibility of withdrawing money significantly more difficult. At the same time, they increased their fee margin by 50x or more. Of course, their reputation is no longer important because they are going out of business.
All users should be grateful for the 9-day bonus. Why can't it be a longer period, I'm sure that many still haven't seen the closing notice.

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Quote from: logfiles on June 22, 2023, 05:49:06 PM

After reading about what @examplens posted, I am glad I never ever used the scam exchange Grin

I believe I remember seeing a number of scam accusations about hotbit out there and even here in the forum. Even when there was a shitcoin that was only traded in hotbit, I wouldn't bother getting onto that platform

Charging exorbitant fees for people trying to withdraw their funds kind of reminds me of HitBTC and Yobit.

I don't think we can call that a scam, sadly some exchanges don't let people to recover any of their funds when they decide to shut down their business. Here you can still get back your funds even if withdrawal fees are high. And they even let you deposit more funds to top up your balance in order to reach the minimum withdrawal thresholds. It was quite a surprise for me to be honest. In addition, they have extended the original deadline by 9 days, now customers can withdraw their funds till June 30.

Quote

Dear Respected Users,
Recently, we have found that a large number of users are still withdrawing funds one after another. In order to ensure that users complete withdrawals in an orderly manner, Hotbit will extend the original withdrawal deadline from 04:00 AM UTC on June 21st to 04:00 AM UTC on June 30th.
Please withdraw the remaining assets in the account as soon as possible before June 30th, 2023, otherwise the losses caused will be irreparable.
Thank you for your understanding and support!
Hotbit Team
June 17th, 2023

https://help.hotbit.io/hc/en-us/articles/15377625198743-Hotbit-s-Announcement-on-Extending-the-Withdrawal-Deadline-to-June-30th-2023

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After reading about what @examplens posted, I am glad I never ever used the scam exchange Grin

I believe I remember seeing a number of scam accusations about hotbit out there and even here in the forum. Even when there was a shitcoin that was only traded in hotbit, I wouldn't bother getting onto that platform

Charging exorbitant fees for people trying to withdraw their funds kind of reminds me of HitBTC and Yobit.

Saint-loup

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Quote from: stompix on June 20, 2023, 05:30:49 AM

0.001 BTC is $27 , what is with the 99 USDT?
Also, let me get this right, you deposited a few satoshis to reach the 0.002 BTC limit as you had less than that and then you paid 0.001 BTC in fees? Was it even worth it considering you had to pay also the blockchain fees for the deposit?

99USDT is the price you have to pay if you decide to pay the withrawal fees in USDT instead of BTC. As examplens told above you have the choice to pay the fee in BTC or in USDT.

Yes it was worth it for me because if you don't withdraw your funds before June 30 (they have extended the deadline) they will be definitively lost. And fortunately network fees for sending a transaction are not that high.

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