Hotbit Exchange Engages in Massive Rugpull, Causing Disruption to RichQuack and Other Projects

Hotbit, a cryptocurrency exchange, is facing severe backlash after being accused of engaging in a series of token dumps, leading to substantial losses for projects like RichQuack. The controversial actions of Hotbit have resulted in chaos and uncertainty within the affected communities.

In the recent rugpull incident involving RichQuack, Hotbit allegedly sold a staggering 256 trillion $QUACK tokens, equivalent to approximately $153,800, which belonged to $QUACK holders on the PancakeSwap platform. As a result, RichQuack has suffered significant financial setbacks, with an estimated $100,000 in $USDT and $QUACK disappearing from their Hotbit balance. Distressingly, withdrawal requests made by RichQuack have gone unanswered, leaving the project in a state of uncertainty.

The impact of Hotbit’s actions extends beyond RichQuack, as other projects like BabyDogeCoin and DogelonMars have also been affected. Onchain data reveals that Hotbit has been dumping large amounts of tokens, including 4,000 BNB worth of BabyDogeCoin on PancakeSwap and an astonishing $500,000 worth of Dogelon on Uniswap. The consequences of these dumps on the projects involved and their investors are yet to be fully determined.

This incident raises concerns about Hotbit’s intentions and practices, especially considering that the exchange had previously announced the cessation of all CEX operations in May. Users were advised to withdraw their assets before June 21, but the recent token dumps have cast doubt on the exchange’s credibility and trustworthiness.

In response to these developments, the $QUACK token has experienced a significant decline of 14.36% in the last 24 hours, currently trading at $0.000000000574 according to CoinMarketCap. Despite the setback, the resilient RichQuack community has shown unwavering determination, rallying together to overcome this challenging situation. They encourage their community members to remain united and optimistic during these trying times, emphasizing the importance of collective strength and support.

The aftermath of Hotbit’s actions continues to unfold, and affected projects are actively assessing the extent of the damage caused. It serves as a stark reminder of the risks associated with the cryptocurrency market and the need for vigilance and due diligence when engaging with exchanges and projects.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you