​Crypto Exchange Hotbit Says ‘Deteriorating Conditions’ Forced | Crypto Shake

​Crypto Exchange Hotbit Says ‘Deteriorating Conditions’ Forced It to Stop Operations

China-headquartered cryptocurrency exchange, Hotbit, said on May 22 it had made the decision to halt “all cex operations.” The crypto exchange pointed to the “continuous outflows of funds from cex [centralized exchange] users” as one of the many factors that forced Hotbit to stop operations.

In addition to dealing with capital outflows and reduced cash flow, the Hotbit team claimed in the statement that the constant upheavals in the crypto industry are making it more difficult to operate a cex.

Despite being one of the first exchanges to list emerging assets such as SHIB and GRIN, the Hotbit management team claimed in the statement that cyber attacks suffered in the past and the exploitation “of project defects by malicious users” made its business model an unsustainable one.