Centralized cryptocurrency exchange Hotbit has called on its users to withdraw ‘immediately’ Shiba Inu (SHIB) from the platform. The exchange’s decision to cease operations worries investors about a massive drop in the price of SHIB.
SHIB investors beware: Hotbit is shutting down operations
Well-founded cryptocurrency exchange in Asia-Pacific (APAC) has directed Shiba Inu (SHIB) holders and other investors to withdraw their tokens from the platform. This decision comes after the exchange’s decision to close after operating for over 5 years.
This date is the last!
Hotbit reported in a recent tweet that it has decided to cease all centralized exchange (CEX) operations. The exchange has given SHIB holders and other investors until June 21 to withdraw their coins.
It's time to take a bow 🙇
For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful crypto show with 5 million users. However, it is with great regret that we have made the decision to stop all CEX operations from May 22, UTC 04:00. We kindly ask all…— Hotbit News (@Hotbit_news) May 22, 2023
Hotbit’s management team drew attention to the industry’s recent crises, including the collapse of FTX, the second-largest crypto exchange to the top, and bank crises that led to events where USDC lost price stability. The exchange shared that these events resulted in a significant outflow of funds from its platform. He also claimed that it significantly affected his cash flow.
Additionally, the team said that the operational complexities of centralized exchanges are becoming increasingly burdensome. However, he stressed that developments make it difficult to comply with regulations or adapt to the growing trend of decentralization. As a result, Hotbit concluded that the swap model is unlikely to meet long-term industry trends. The crypto exchange is giving its users until June 21 to withdraw their funds.
Whales didn’t give up on Shiba Inu
Hotbit was one of the cryptocurrency exchanges sympathetic to the Shiba Inu community. The platform was previously the first supporter of the Shiba ecosystem token BONE.
Meanwhile, Etherscan.io data reveals that the 19th largest SHIB whale has accumulated 140 trillion SHIB worth $1.18 million in two separate transactions in the past 24 hours.
Whale collected 751.11 million SHIB in its first transaction in 24 hours. A few hours later, it spent $1.17 million to acquire an additional 139.25 billion SHIB. This purchase marks the second largest accumulation for the whale in the past 72 hours. The largest SHIB Whale had purchased 121.27 billion SHIB worth $1.07 million on May 23 in three separate transactions.
What is the price of the Shiba Inu?
Recent developments have not had any positive or negative impact on the Shiba Inu price. At the time of writing, SHIB is trading at $0.0…08483, where it has remained stable from the last 24 hours. Meanwhile, cryptocoin.comAs you follow, Binance announced that it will delist 1000SHIBBUSD contracts from June 1st.
