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What is Happening on Hotbit?

April 11 Update:

Everything is operational now.  

Originally, the site was down for 3 days!

When resolved, we were missing our balances, but refreshing the page seems to do the trick.

For further information on what happened, continue to story below.

Did Hotbit just shut down??

Hotbit is an exchange like Binance that boasts they have the largest selection of Altcoins.  From Edgeware, Kylin, SAND, TVK, etc – you would normally find them all in one place on Hotbit without spending crazy gas fees.  

During Altcoin Season, the Altcoins can gain up to 10x – 20x on Bitcoin, which can turn into huge wealth.  Click here to read about our #1 Altcoin pick for 2021.

Today, in the early afternoon, Hotbits website went offline, and is now displaying a 404 error.

We reached out to the Hotbit Team via Telegram, who told us that this is just routine maintenance, and that it is taking longer than expected. 

The site has been down for 2 days straight at this point, so we did a little digging to find out:

‘What is happening to Hotbit?’  Let’s start at the beginning.

On April 8th, there was a Concerning Announcement on Hotbits blog, stating "All Deposits, Withdrawals, and Trading will be Shut Down."

April 8

A lot of concerned investors turned their frustrations to telegram and social media, in response to the exchange Hotbit.io announcement that they will shut down the website for ‘routine maintenance’. 

Perhaps the most frustrating action from Hotbit, on several occasions they gave a reopen time, which turned out to be false.  This makes us all ask; What is going on over at Hotbit??

With the approach of the much anticipated Coinbase IPO, the entire cryptocurrency market has displayed several bearish signs, including several Head & Shoulders patterns that are rounding their 3rd shoulders.  

The first message appears below.

has hotbit closed their doors on us? Find out what is really happening and why their website is down or 2 days.

April 9

Many might not have even thought twice about it, okay – overnight maintenance is expected from websites from time to time, and this could be one of them.  

But once April 8th turned into the early morning of April 9th, the page was still down.  On Telegram, one of the admins promised the page would be up by 2AM UTC on April 9.  

Which just passed an hour ago, and no website..

Here is the latest update left by Hotbit.

What is Actually Going on?

Users are now being told a 3rd time that ‘maintenance will be done, and have become increasingly frustrated at the lack of transparent answers given. 

So far, Telegram has been left open with no limits to communication, which has been seen with other projects (most notably Reef in recent months).  

The new claim is that Maintenance will be done on April 10th at 10am UTC.  

The reason for the maintenance was to ‘help increase withdrawal and deposit speed by adding multichain support’.  This is something that binance.com and kucoin already offers its users.  

So we will get ready to endure day 3 with no exchange up and running, still hopeful – yet still slightly pessimistic – as experiences from the recent past like Mt Gox has left the community in a ‘trustless’ situation for the foreseeable future.

April 10

Hotbit is looking to redeem itself, as it has missed its self-set date two times in a row, displaying this Maintenance page below on their site.

As of 7AM UTC on April 10, Hotbit.io seems to be back open!!  Users can now check and see that their funds are there.   

However, we still cannot trade any coins.  Still – we will take the good news over an exchange stealing all our money any day.   Hopefully they will allow trading soon!

Is hotbit a scam? Many are asking this question after Hotbit closed their exchange and put up a maintenance page for 3 days.

Despite the negative attention, Hotbit seems to be responding to inquiries on Telegram, Twitter, and have updated their website maintenance page to tell its users to be ‘patient’.  

On Telegram, an Admin stated that all users affected by this would receive VIP level 6 for 14 days after maintenance is finished.

Although things are slowly coming back, We are still asking “What is going on over at Hotbit”?

Update:

Everything is operational now.  We were missing our balances earlier, but after making 1 trade of the little USDT we did have, we have our full account back up and running.

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