The Hotbit cryptoexchange closes for maintenance after a hacking attempt

The cryptocurrency exchange platform Hotbit has closed all its services after an attempted cyberattack on Thursday.

“Hotbit has just suffered a serious cyberattack that started around 08:00 PM UTC, on April 29, 2021, which led to the shutdown of a number of some basic services.”reads a notice on the platform’s website.

Apparently hackers failed to gain access to Hotbit wallets, but did manage to compromise the platform’s user database. Therefore, the Hotbit team has advised customers to ignore any communication from entities that claim to be representatives of the exchange.

With all normal operations currently paused during maintenance in progressHotbit also revealed that pending trading orders are canceled to avoid losses. In addition, the exchange promised to cover any losses arising from the funds listed on its platform during the duration of the maintenance.

According to the Hotbit announcement, maintenance will take at least seven days and it has been reported that research and updating of the system could take up to two weeks.

Addressing users in the cryptoexchange Telegram group, Alex Zhouhead of security for Hotbit, revealed that users’ funds were not affected by the attack, stating: “The attacker tried to enter the wallet server to steal funds, but the action was successfully identified and blocked by Hotbit’s risk control system. All users’ funds are safe.”.

“At the same time, Hotbit is in the process of transferring all the funds from the hot wallet to the cold wallet, the details of the whole integration can be seen in the chain”he said.

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Source: Etherscan

In fact, Ethereum’s transaction monitoring tool data, Etherscan show multiple token outflows from one of Hotbit’s known wallets to another address that currently has about $ 14 million in various altcoins.

However, the duration of maintenance is causing significant discomfort among Hotbit users judging by the comments on social media and on the platform’s Telegram channel.

The fear that the incident will be an exit scam by the Hotbit team is palpable. In early April, Turkey’s two major exchanges ceased to operate, and its executives fled with millions of dollars in user funds. Both incidents have led to significant police arrests, as well as government plans to establish a central custody bank for cryptocurrency exchanges in Turkey.

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