Cryptocurrency exchange Hotbit shut down all of its services after an attempted cyberattack on Thursday.

The platform said in a statement: “Hotbit has just been exposed to a major cyber attack, which began around 20:00 UTC on April 29, 2021, which paralyzed a number of essential services.”

It is reported that the hackers were unable to access Hotbit wallets, but were able to breach the platform’s user database. As such, the Hotbit team has advised clients to ignore messages from organizations that claim to represent the exchange.

Since all normal operations are currently suspended during ongoing maintenance, Hotbit has also advised that pending trading orders be canceled to prevent losses. In addition, the Oslo Bowers promised to incur losses related to the ETFs listed on the platform throughout the entire service life.

According to a Hotbit announcement, maintenance will last for at least seven days, with reports indicating that the investigation and system update could take up to two weeks.

Hotbit’s chief security officer Alex Zu, addressed users of the exchange’s Telegram group, saying that users’ funds had not been affected by the attack, saying, “One of the attackers attempted to break into the wallet server to steal the money, but the action was identified and successfully blocked. Hotbit risk monitoring system. All user funds are secure. ”

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

Source: Etherscan
In fact, data from the Ethereum Etherscan monitoring tool shows multiple token flows out of one of Hotbit’s popular wallets to another address, which currently contains around $ 14 million in multiple altcoins.

However, the maintenance time is giving serious excitement among Hotbit users, based on comments on social networks and in the platform’s Telegram channel.

Fears that this incident is a Hotbit exit scam are evident. Earlier in April, two major stock exchanges in Turkey stopped operating, and their executives saved millions of dollars in user funds. Both incidents led to widespread law enforcement arrests, and the government plans to establish a central custodian bank for cryptocurrency exchange in Turkey.

Source: CoinTelegraph