Crypto Biz: Ledger Halts Recovery Service, Web3 in Hong Kong, and Another CEX Goes Down
This Week's Crypto Biz Explores Hotbit Shutdown, Hong Kong Licensing of Crypto Firms, Bitstamp Acquisition by Ripple and Ledger's brand crisis.
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Another centralized exchange (CEX) bites the dust, with Hotbit announcing that it will shut down its operations due to unfavorable trading conditions. As is common among CEX meltdowns in recent months, the crypto firm cited FTX, the current banking system crisis, and even an investigation as reasons for its cash flow issues.
Wallet provider Ledger is also facing tough times. The company has decided to postpone its controversial recovery service amid community backlash. Security reputation is critical for a crypto wallet provider, but Ledger's dilemma may be more than a PR crisis. The recovery service was also a route to subscription services, which could generate recurring revenue for the wallet provider. The feature is now deferred until most of its code is open source, Ledger said.
In these difficult times, there are also opportunities for others. Hong Kong is advancing its plans to become a crypto hub, with over 150 crypto firms awaiting approval to operate as virtual asset trading platforms in the city.
This week's Crypto Biz explores Hotbit's shutdown, Hong Kong's licensing of crypto companies, Ripple's acquisition of Bitstamp, and Ledger's brand crisis.
Hotbit exchange halts operations and urges users to withdraw fundsCrypto exchange Hotbit is shutting down operations, urging users to withdraw funds by June 21. According to an announcement, Hotbit's operations have deteriorated since an investigation into a former team member took place in August 2022. Authorities believe a former management employee was involved in a project that violated criminal laws. The probe forced the exchange to shut down business...
This Week's Crypto Biz Explores Hotbit Shutdown, Hong Kong Licensing of Crypto Firms, Bitstamp Acquisition by Ripple and Ledger's brand crisis.
Newsletter
Join us on social networks
Another centralized exchange (CEX) bites the dust, with Hotbit announcing that it will shut down its operations due to unfavorable trading conditions. As is common among CEX meltdowns in recent months, the crypto firm cited FTX, the current banking system crisis, and even an investigation as reasons for its cash flow issues.
Wallet provider Ledger is also facing tough times. The company has decided to postpone its controversial recovery service amid community backlash. Security reputation is critical for a crypto wallet provider, but Ledger's dilemma may be more than a PR crisis. The recovery service was also a route to subscription services, which could generate recurring revenue for the wallet provider. The feature is now deferred until most of its code is open source, Ledger said.
In these difficult times, there are also opportunities for others. Hong Kong is advancing its plans to become a crypto hub, with over 150 crypto firms awaiting approval to operate as virtual asset trading platforms in the city.
This week's Crypto Biz explores Hotbit's shutdown, Hong Kong's licensing of crypto companies, Ripple's acquisition of Bitstamp, and Ledger's brand crisis.
Hotbit exchange halts operations and urges users to withdraw fundsCrypto exchange Hotbit is shutting down operations, urging users to withdraw funds by June 21. According to an announcement, Hotbit's operations have deteriorated since an investigation into a former team member took place in August 2022. Authorities believe a former management employee was involved in a project that violated criminal laws. The probe forced the exchange to shut down business...
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