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Hotbit Exchange shuts down for Two weeks over an attempted cyber-attack.

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Cryptocurrency exchange Hotbit has shut down all of its services after an attempted cyberattack on Thursday, 29 April 2021

According to the Hotbit announcement on telegram, The hackers were reportedly unsuccessful in gaining access to Hotbits’ wallets but did manage to jeopardize the platform’s user database. 

This has led to the Hotbit team having advised customers to disregard any communication from forces professing to be representatives of the exchange.

With all normal operations currently paused during the ongoing maintenance, Hotbit also revealed that pending trading orders are canceled to prevent losses. 

The exchange has promised to bear any loss resulting from exchange-traded funds listed on its forum during the duration of the maintenance.

Alex Zhou, the chief security officer at Hotbit, while addressing users of the exchange in its official Telegram group,

revealed that users’ funds were unaffected by the attack.

He stated: “The attacker tried to break into the wallet server to steal funds but the action was identified and blocked successfully by Hotbit risk control system. All users’ funds are safe.”

The maintenance will last for at least seven days with reports that the investigation and system upgrade could take as long as two weeks.

Nonetheless, the period given for the maintenance is causing a critical commotion among Hotbit users judging by comments on social media and in the platform’s Telegram channel. 

The Chinese crypto exchange says funds are “SAFU” but there is a major “FUD” among the customers at Hotbit with statements like this being an exit scam by the Hotbit team. 

It is not new to have an experience where exchanges flee with millions of dollars belonging to users in the name of maintenance. Users hope that the same story will not be said of the exchange.

HOTBIT happens to be a lawful crypto exchange that has accumulated 1.5 million registered users across 170 countries all over the world. HotBit.io has become one of the fastest-growing exchanges in the world since its official launch in September 2017. 

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Data Scientist, Tech Enthusiast and a Crypto Lover