The defunct cryptocurrency exchange Hotbit announced a plan for the disposal of approximately 16 million dollars in assets

ChainCatcher news, the now-defunct cryptocurrency exchange Hotbit announced on June 30 that for DF asset holders, the current assets available for withdrawal from the hot wallet amount to approximately $6 million, most of which come from users unable to pay withdrawal fees. These assets will be converted to USDC on Arbitrum and distributed proportionally to DF asset holders; the value of the company's invested liquid and locked assets is approximately $10 million (valued at $100 million at its peak in 2021), and these assets will gradually be converted into "high liquidity assets" on Arbitrum and distributed proportionally to HTB holders.

In addition, among Hotbit's portfolio, there is a DEX product inspired by GMX, and the team is willing to use HTB as the platform token. The Hotbit team will also transfer the domain name and remaining assets to the new team; some of the invested assets are still in a long-term accumulation state, and over the next 2-3 years, they will continue to convert unlocked investment assets into "high liquidity assets" for distribution to HTB holders. (source link)