Hotbit

Announcement from Hotbit Team

The Last Burning Feast (Oct 27^th, 2024)

Dear Hotbit users:

It has been 17 months since Hotbit CEX announced its closure. During this time, we retained a minimal number of team members to maintain wallet operations at minimal cost, processed over 100 000 withdrawal requests, and invited partners to develop Perp DEX to continue operations.

Unfortunately, due to drastic changes in the market environment and to avoid further depletion of funds, we have discussed with our partners and decided to terminate the development of Perp DEX.

All remaining funds will be converted to USDC and airdropped as compensation to HTB holders. The specific rules are as follows:

1. On October 30^th 2024, Hotbit will take a snapshot of all addresses holding HTB, including ERC-20, BSC, and Arbitrum networks. Wallets from exchanges and tokens locked in cross-chain bridges will be excluded, and the valid HTB amount for each address in each network will be determined.
2. On November 4^th 2024, Hotbit will enable the claim function for ERC-20, BSC, and Arbitrum networks.
3. Please ensure that the amount of HTB in your wallet for each format matches the HTB amount at the time of the snapshot. Any HTB exceeding the snapshot amount will not be airdropped, and the corresponding amount of HTB will be destroyed.
4. The airdrop standard is set at 0.00819 USDC / HTB.
5. The deadline for claiming the airdrop is May 20^th 2025.

Yours,
The Last Stand Hotbit Crew

Oct 20^th, 2023

Dear Hotbit users, Hotbit’s CEX operations are coming to an end, and the DEX trial version will be launched on the Arbitrum Goerli network at 04:00 AM UTC on October 23^rd. Website control will also be officially transferred to the new team. However, the original team will continue to be responsible for the following matters:

1. The “Old CEX Entrance” will be retained on the new DEX homepage until the official version of DEX is launched. During this period, existing users can still withdraw funds and submit tickets for inquiries through this entrance.
2. Liquidate investment assets of Hotbit and airdrop DEX LP to HTB holders.

We believe that reborn Hotbit, under the leadership of the new team, will continue to provide ongoing value to customers in the crypto field, keeping pace with the times.

Sep 18^th, 2023

Dear Hotbit users, we will conduct the final round of compensation for DF asset accounts.

Aug 31^st, 2023

Dear Hotbit users, after evaluating the current asset situation, we will conduct a new round of compensation for all DF asset users today.

Jul 19^th, 2023

Dear Hotbit users, the trading team has almost done their work on asset selling. Auditors are calculating the compensation ratio now. We will release the compensation of USDC and HTB for DF asset holders at about 04:00 AM UTC on July 22^nd. Because of the recent market rebound (and we were a little conservative at the beginning), the actual currently available assets for compensation are around 16 M USD or more. You can observe the USDC aggregation at our Arbitrum hot wallet address:

https://arbiscan.io/address/0xd690a9dfd7e4b02898edd1a9e50ed1fd7d3d3442

Jul 7^th, 2023

Dear Hotbit users, recently, we found that many project parties have raised objections to the sales of assets by the trading team we hired. As announced in our announcement, these assets are fully compensated to DF asset holders after sale. If the project team has better suggestions on this, please submit a support ticket to contact us.

Jun 30^th, 2023

Dear Hotbit users, Hotbit exchange has officially ceased operations. Over the past month, we have received a large amount of feedback from users and industry friends, most of which expressed support and understanding, for which we are very grateful.

Of course, we are also well aware that both DF asset users and HTB holders have suffered direct losses, and this should not be the end. We can still do something to make up for it. Here are some of our decisions:

For DF asset holders

1. Calculate the total value of all DF assets at current market prices.
2. There are currently about 16 M USD in assets available for withdrawal from the hot wallet, mostly from the legacy of dust customers who cannot afford to pay the withdrawal gas fee. These assets will be converted into USDC on Arbitrum and distributed proportionally to all DF asset holders.
3. There are a total of 2.5 B HTB, with investors currently holding about 1.5 B and the remaining 1 B HTB will be distributed proportionally to all DF asset holders.

For HTB holders

1. Since its establishment, Hotbit has made a large number of investments in the crypto field. The team will give up all investment returns. The current value of liquid and locked assets is about 10 M USD (valued at over 100 M USD at the peak in 2021; unfortunately, we are all firm holders). These assets will be gradually converted into “high-liquidity assets” on Arbitrum (explained later) and distributed proportionally to all HTB holders.
2. In Hotbit’s investment portfolio, there is an excellent DEX product inspired by GMX. Hotbit has negotiated with the product team, and the team is willing to use HTB as the platform token, giving HTB a longer-term value. The Hotbit team will also transfer the domain name and remaining assets to the new team.

Some other related information

1. Due to the high cost of servers, Hotbit will shut down all services after this announcement and release various resources. We expect to relaunch a minimalist website within a week, with only HTB withdrawal remaining. We then expect to open USDC and HTB distributions and withdrawals for DF asset users within 30 days (Hotbit’s hot wallet has a wide variety of remaining assets, requiring a longer time for disposal. We will hire a professional trading team to complete this task). To save gas fees, HTB and USDC will all use the Arbitrum One Network. On August 30, all withdrawals will be closed, and the remaining HTB will be permanently burned.
2. The “high-liquidity assets” obtained by HTB holders will be the LP assets of the new DEX, serving as the initial liquidity of the new DEX product. Based on experience, these LP assets will have good performance. These LP assets can be directly converted into USDC, WBTC, and WETH. The DEX platform is expected to be officially launched in Q4 2023. Testnet products will be launched as soon as possible.
3. Among Hotbit’s investment assets, some are still in long-term lock-up status. Therefore, in the next 2 – 3 years, we will continue to convert unlocked investment assets into “high-liquidity assets” and distribute them to HTB holders.
4. Arbitrum mainnet wallet link:
   https://arbiscan.io/address/0xd690a9dfd7e4b02898edd1a9e50ed1fd7d3d3442