Crypto Exchange Hotbit Suspends Operations after Five Years of Service

After five years of service, Hotbit joins Paxful and Bit4You to exit the crypto market. Hotbit, a centralized cryptocurrency exchange (CEX), has suspended its business operations. The company announced the decision on May 22, 2023, citing several factors including the change in crypto market trends, the depegging of stablecoins from their $1 benchmarks, and the … Read more

Huobi Ordered to Cease Operations in Malaysia after Failure to Comply with Local Regulations

The Malaysian SC has urged the local investors to immediately cease trading via Huobi Global, withdraw their investments, and close their accounts. A leading centralized crypto firm Huobi Global Limited and its Chief Executive Officer Leon Li have been accused of operating a digital asset exchange in Malaysia without registration. As a result, the Securities … Read more

VORB Stock Down 50% in Pre-market, Virgin Orbit Plans to Halt Operations

News of the operations halt, failed funding, and job cuts did not sit well with shareholders as Virgin Orbit saw its shares are down 50% after the announcement. Aircraft engineering company Virgin Orbit Holdings Inc (NASDAQ: VORB) has revealed plans to halt operations after failing to secure a funding lifeline as expected. The company’s CEO, … Read more

USDC Issuer Circle Updates Its Community on Its Stablecoin Operations

As unveiled by Circle, it has started processing its redemption through a new banking partner after it was able to access the funds worth $3.3 billion locked up in Silicon Valley Bank. Circle, the American startup behind the world’s second-largest stablecoin, USDC has revealed details about its operation to its community. As revealed in a … Read more

Silvergate to Shut Down & Liquidate Operations Following Several Market Constraints

Crypto-friendly bank Silvergate has announced plans to shut down in an orderly manner and fully repay all deposits.  Silvergate Capital has decided to shut down operations and liquidate its bank following effects of problematic market conditions. On Wednesday, the crypto-focused bank made the grim announcement, which also saw its stock plummet over 36% in after-hours trading. … Read more