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Many institutions in the coin circle suspended their services, and hotbit announced that it would suspend its withdrawal and transaction functions

Time : 03/02/2022 Author : 7l4asd Click : + -
        After AEX and hoo, another virtual currency trading platform announced the suspension of deposit and withdrawal and trading functions, causing a storm in the currency circle. On August 11, the crypto trading platform hotbit released an announcement, announcing that the full mentioned trading function was suspended, and the specific recovery time could not be determined at present. Recently, the crypto trading platform hotbit announced that it would suspend the full mentioned trading function, and the specific recovery time cannot be determined at present. Officials said that the suspension was because a former hotbit manager who left in April participated in a project last year, and law enforcement departments now believe that the project is suspected of violating the criminal law. Since the end of July, several senior management personnel of hotbit have been summoned by the law enforcement department and are assisting in the investigation.
 
        In addition, the law enforcement department froze some of hotbit's funds, resulting in the failure of hotbit's normal operation. Hotbit said that the company and other employees of the company's management did not participate in the project and knew nothing about the illegal information involved in the project. All users' assets are safe on hotbit, and normal services will be restored immediately after the assets are unfrozen. Hotbit is working hard to continue to cooperate with and follow up the investigation progress of law enforcement departments, and will publish the investigation results as soon as possible. According to the announcement, hotbit will resume normal service immediately after the assets are unfrozen. The assets and data of all users on hotbit are safe and correct.
 
        According to another announcement, hotbit will deal with the user's assets as follows during the suspension of service: before the service is resumed, the pending orders that the user has not transacted will be cancelled. In order to prevent the loss caused by the position, all the leveraged ETF positions of the user will be cleared before 8:00 p.m. Beijing time on August 10, 2022. The income from the user's investment products will be distributed normally. The user compensation scheme will be announced when the website is resumed. In view of the above situation, some netizens in the currency circle said, "it is very important to disperse risks. Only by choosing the old platform can it be stable for a long time." It was also pointed out that hotbit's announcement was probably more ominous. According to public information, hotbitglobal is an international station for blockchain digital assets, providing users in more than 210 countries and regions with digital currency trading services in more than 450 currencies, with a total of more than 2 million registered users.
 
        Hotbit was founded in January 2018, headquartered in Hong Kong, and is deeply engaged in global emerging markets such as Russia, Türkiye and Southeast Asia. In April 2021, hotbit was attacked by hackers, and some services were temporarily suspended. Hotbit announced on April 30, 2021 that the platform had suffered serious network attacks, resulting in the paralysis of a large number of basic services. Meanwhile, the attacker tried to hack into hotbit's wallet, but this behavior was recognized and prevented by the risk control system. At that time, hotbit said that all assets were safe. Hotbit has more than 2 million users and more than 200 servers, and all servers need to be completely rebuilt; The attacker maliciously deleted the user database after failing to obtain the assets, and the overall data needs to be comprehensively checked.
 
        At the same time, hotbit users were informed that the entire investigation and recovery process would take about 7-14 days, because it would take a lot of time to analyze the backup data before the system recovery process could be started. Since the "Luna" project in the currency circle exploded in May, the total market value of the virtual currency market has evaporated by nearly trillion US dollars. Many financial institutions have been exposed to be unable to pay user assets. Many well-known institutions including Sanjian capital have suspended their services and embarked on the path of bankruptcy liquidation. Recently, Celsius, the world's largest virtual currency lending platform, was in deep bankruptcy crisis. Celsius disclosed in July that its bankruptcy gap was as high as US $1.2 billion, with liabilities of US $5.5 billion and assets of only US $4.3 billion.
 
        And as much as $4.7 billion of the debt belongs to depositors. On July 25, Houfu (Hoo) of the currency circle Exchange released the announcement on the official website of the Hufu bond currency conversion scheme, partner investment and other business optimization schemes. According to the announcement, Hufu will stop all trading services from August 1, cancel all business status, transfer user assets to wallet account, launch bond currency conversion scheme and partner investment scheme, and optimize financial derivatives contract transactions. Although Hufu said on various platforms that it would open withdrawal for multiple currencies and guarantee that there would be no loss of customer assets, most users left messages saying that they still could not withdraw.
 
        On July 17, AEX (anyin) exchange, an old trading platform in the currency circle, announced that it would suspend the relevant services of the platform at 15:32 on July 17. As early as June 16 this year, the AEX trading platform announced the suspension of cash withdrawal. On July 14, AEX said again that because the short-term liquidity problem of the platform has not been completely solved, AEX is unable to meet the demand for withdrawal in the short term, so the platform has closed the withdrawal function. In fact, since the collapse of the virtual currency market in June, the AEX platform has fallen into a liquidity crisis due to the nearly zero Luna currency, and it was difficult to sustain at that time. In the announcement issued in June, AEX said that due to the explosion of Luna coins, the total market value of various assets of AEX outflow reached 450 million TEDA (about 3 billion yuan), rapidly consuming short-term liquidity assets and some medium-term assets.
 
        AEX is currently facing a run of more than US $1 billion. In this regard, Yu Jianing, CO chairman of the blockchain special committee of China Communications Industry Association, said that the exchange mainly carries relevant business activities such as the exchange of legal digital currency and crypto assets, the mutual exchange of crypto assets, the provision of information intermediary and pricing services for crypto asset transactions, and the transaction of crypto asset derivatives, and plays an extremely important role in the process of obtaining liquidity of crypto assets. Yu Jianing said that at present, the crypto asset market is in a recession period of capital outflow, asset price decline, large-scale collapse of emerging assets, and thunderstorms of some trading platforms and institutions. "Only when the market foam is eliminated and the market is revalued can truly excellent projects stand out, bring new business models, and reconstruct the distribution model, market structure, organizational form and industrial relations.
 
        ”Yu Jianing said so. Wang Juan, Secretary General of the digital economy special committee of the Beijing computer society, said that after Biden signed the digital assets act, the supervision of the cryptocurrency market has become increasingly intensive. In principle, the exchange takes service fees as an important source of income, mainly relying on the trading volume and market heat. However, due to insufficient information disclosure and other reasons in the cryptocurrency market, the exchange itself not only plays an intermediary role in the market, but also has a large market manipulation element. As a result, once the regulatory system is involved, the mine explosions caused by market irregularities will occur one after another. According to the Huaxia times, on August 10, coinbase global, the US cryptocurrency exchange, said in the form10-q document that it had received the investigation summons and requirements from the US Securities and Exchange Regulatory Commission (SEC), involving the process of its listed assets, the classification of certain listed assets, the pledge service plan, stable currency and income products.
 
        Regarding the investigation, coinbase said: "the company believes that the final settlement of the existing legal and regulatory investigations will not have a material adverse impact on the company's financial position, operating results or cash flow.". The document also announced the business situation of coinbase in the second quarter of 2022. The data showed that the net revenue of coinbase in the second quarter was US $803 million, a decrease of 60% compared with the same period of 2021; The net loss was 1.094 billion US dollars (about 7.37 billion yuan), compared with a profit of 1.606 billion US dollars in the same period last year. It is worth noting that this is the second consecutive quarterly loss of coinbase, and its data has also created the lowest level in five quarters.
 
        Specifically, coinbase also declined in terms of transaction scale and user scale. The data shows that the monthly trading users of the platform in the second quarter were 9 million, down 2% from the previous quarter; The total transaction volume decreased to US $217 billion, down 30% from the first quarter. In addition, the asset scale of coinbase platform was US $96 billion, down 63% from US $256 billion at the end of the first quarter, and nearly 50% from the same period last year. With regard to the decline of coinbase's performance, Yu Jianing said that the main reason for this situation is that the crypto market is experiencing a recession period, and the user's trading confidence and trading volume are not sufficient compared with the previous one.
 
        From the perspective of cycle, the global financial market has experienced a sharp correction in the second quarter, and the encryption market is bound to be immune. To reduce costs, coinbase announced 18% layoffs on June 14. In this quarterly report, coinbase disclosed that it had laid off about 1100 employees, but as of June 30, the company still had 4977 employees. Facing the next trend of cryptocurrency, coinbase expects that the trading volume in the third quarter of this year may be weaker, and the average monthly trading users may be reduced to 7 million-9 million. On August 10, the state cyber information office said that with the rise of virtual currency, speculation, speculation, fraud and other activities related to it have become more and more intense. Some netizens are confused by false publicity such as high returns from investing in virtual currency, and blindly participate in relevant trading activities, resulting in great losses to their own property.
 
        Since the beginning of this year, the state Internet Information Office has implemented the decision and deployment of the Party Central Committee, attached great importance to the clues reported by netizens, and taken many measures and heavy blows to clean up and deal with a number of illegal information, accounts and websites that publicize and speculate on virtual currency. In accordance with the spirit of the notice on further preventing and dealing with the risks of speculation in virtual currency transactions, the state cyber information office urges and guides the main websites and platforms to effectively implement the main responsibilities, continuously maintain the high-pressure attack on the speculation in virtual currency transactions, and strengthen the self-examination and self correction of information contents and accounts such as inducing virtual currency investment. Weibo, Baidu and other website platforms closed 12000 illegal user accounts such as @ ice Blizzard founder and @ coin circle pop master according to the user agreement, and cleared more than 51000 illegal information such as "investing in bitcoin to make money easily".
 
        The state Internet Information Office strengthened supervision and inspection, and closed 989 microblogs, post bar accounts and wechat official account, such as @ Feige's story Jianghu and @ absolute sense bitcoin, which are under the banner of "financial innovation" and "blockchain" to induce netizens to invest in "virtual currency", "virtual assets" and "digital assets". In addition, local Internet information departments were instructed to interview more than 500 business entities such as "chain nodes" and "venture capital circles" involved in the promotion and speculation of virtual currency, and required to comprehensively clean up the information content of the promotion and speculation of virtual currency transactions. The state cyber information office, together with relevant departments, has shut down 105 websites and platforms, such as "coin Toutiao", which is dedicated to promoting virtual currency marketing and publishing tutorials to explain cross-border currency speculation and virtual currency "mining".
 
        In the next step, the state cyber information office will continue to work with relevant departments to strengthen the crackdown on illegal financial activities related to virtual currency and protect the people's property safety according to law. It reminds netizens to establish correct investment concepts, enhance risk prevention awareness, not participate in virtual currency trading and speculation, and beware of personal property damage.
 
        
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