BNB

Hotbit Executes Massive Rugpull; Wreaks Havoc on RichQuack and Other Projects

by BSC News

July 5, 2023

chain

While Hotbit had previously urged users to withdraw assets before June 21 following its closure, this incident raises concerns about the exchange's intentions and practices.

Hotbit Goes on Dumping Spree

In a shocking turn of events, DeFi project RichQuack has fallen victim to an unprecedented rugpull masterminded by Hotbit. The now-defunct cryptocurrency exchange has sold an estimated 256 trillion $QUACK tokens (worth approximately $153,800 as of writing), belonging to $QUACK holders on the PancakeSwap platform.

Not only has RichQuack suffered substantial losses, with approximately $100,000 in $USDT and $QUACK vanishing from their own balance on Hotbit, but their withdrawal requests have also gone unanswered. This distressing incident has had a ripple effect on other projects, including BabyDogeCoin and DogelonMars.

The situation appears to be more far-reaching, as onchain data reveals that the exchange is engaging in dumping activities across various projects. The exchange has already dumped 4,000 BNB worth of BabyDogeCoin on PancakeSwap and an astounding $500,000 worth of Dogelon on Uniswap. The repercussions of these actions on other projects and investors are yet to be fully determined.

Hotbit had previously announced the cessation of all CEX operations in May, advising users to withdraw their assets before June 21. However, the recent rugpull has raised questions about the exchange's intentions and practices.

As of writing, $QUACK is down 14.36% in the last 24 hours, trading at $0.000000000574, according to CoinMarketCap. The resilient RichQuack community, however, has expressed its determination and commitment to overcome this setback, urging its community to remain united and optimistic amidst these trying times. 

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