cryptocurrency exchange Hotbit has come under scrutiny for transferring users’ unwithdrawn altcoins to two specific addresses, namely 0xa97c and 0xfd32. The exchange then proceeded to sell a substantial portion of these assets, converting them into stablecoins. The affected tokens, some of which are suspected to be low-liquidity meme coins, have raised concerns among investors. If you are holding such coins, it is essential to exercise caution and remain informed.
Hotbit claims that the transferred tokens primarily originate from users who have been unable to pay the necessary withdrawal fees. In an effort to address this issue, the exchange has opted to sell the tokens and acquire high-liquidity assets like USDT (Tether). The intention behind this move is to return the value of the assets proportionally to the affected users.
The two addresses, 0xa97c and 0xfd32, have attracted attention due to their involvement in the token transfers. The community has taken note of these addresses, with some individuals using online tools to track and monitor their activities. It is worth mentioning that these addresses are publicly accessible on watchers.pro, providing transparency for users who wish to investigate further.
Hotbit’s decision to sell the transferred altcoins has raised eyebrows within the cryptocurrency community. The move has sparked debates surrounding user fund security, market impact, and the handling of low-liquidity meme coins. Investors and traders are expressing concerns about the potential implications on the affected tokens’ prices and overall market stability.