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It is said that smart people learn from other people’s mistakes, and while the crash of FTX should have been an example for everyone, information is spreading that Hotbit is quitting to work.
Hotbit explained in an official announcement that their operational conditions had declined following an investigation into one of their former team members in August 2022.
According to Hotbit, the exchange was forced to suspend its operations for several weeks due to the investigation. Additionally, Hotbit attributed its operational difficulties to a series of factors.
Parallels between FTX and Hotbit are frequently observed in both social networks and articles. Hotbit accepts this, and FTX is mentioned in their statement too.
The exchange said that its cash flow declined because of the FTX collapse and the financial issues that caused the USD Coin depegging incident. According to Hotbit, these events resulted in a continuous outflow of money from centralized exchanges.
Hotbit has issued a request for users to withdraw their funds by June 21st.
Likewise, the exchange has advised users to withdraw their funds by 4:00 am UTC on June 21st
It should be noted that several community members expressed their frustration over not being able to withdraw their funds from the exchange immediately after receiving the notification.
It’s never too late to learn a lesson, so it’s important to take into account such cases and try to focus more on safety and company values.
In addition to the reasons stated by Hotbit, other additional factors are being discussed on the Internet. One of the primary reasons is related to trust, which became a concern after an incident that occurred in August of last year. In August 2022, Hotbit temporarily halted all withdrawals.
If we observe social media platforms, we can notice that crypto influencers, among others, are highly disappointed with this decision. The Hotbit administration provided them with a deadline to withdraw their assets; however, they set a minimum limit, generating difficulties for users attempting to withdraw funds. Also, high fees for money transfers, These actions are perceived as fraudulent activities among the people.
Here are some examples of this:
Influencers and analysts recommend us withdraw assets before it’s Too Late. When a crypto exchange announces its closure or exit from the market, it is important not to panic and understand the situation correctly. Follow the given instructions carefully and execute them.
In the case of Hotbit, it may look something like this.
- Log into your Hotbit account.
- Go to the ‘Wallet’ section.
- Choose the cryptocurrency you want to withdraw.
- Click on ‘Withdraw.’
- Specify the amount you want to withdraw.
- Review the transaction details, taking note of any withdrawal fees.
- Click ‘Submit’ to start the withdrawal process.
- If necessary, confirm the withdrawal through email confirmation or any other security check.
Recent market developments have highlighted the importance of not only depending on marketing efforts and instead prioritizing detailed research on a company’s security measures and team before making decisions regarding asset allocation. It has become increasingly crucial to exercise due diligence and provide a comprehensive understanding of the company’s background and securities before entrusting our assets.
Let’s take a look at the top 3 exchanges in terms of security. Based on cer.live We can determine Crypto.com, WhiteBIT, and Kraken.
Crypto exchanges that have high security are also more careful about our assets. this can be the WhiteBIT crypto exchange, which uses the AAA protection function, which is the highest. The Kraken and crypto.com Exchanges also use the same protection functions.
Remember that the most important thing is to do your own research and then make a decision.
Wish you happy trading.
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