coingabbar.com
Cryptocurrency exchange Hotbit has announced that it will cease operations starting May 22. Users have been advised to withdraw their funds by June 21. Hotbit cited several factors for its decision, including a former team member's investigation, incidents in the crypto space like the FTX collapse and USD Coin de-pegging event, and ongoing cyberattacks. The Exchange believes centralized exchanges are becoming burdensome and must adapt to decentralization or embrace regulation. Amidst Hotbit's closure, other exchanges like Coinbase and OKX are launching campaigns to address issues and improve the crypto industry. Some Hotbit users have reported difficulties in withdrawing their funds.