Crypto Biz: Ledger halts recovery service, Web3 in Hong Kong, and another CEX goes down By Cointelegraph

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Crypto Biz: Ledger halts recovery service, Web3 in Hong Kong, and another CEX goes down

Published May 27, 2023 10:42AM ET Updated May 28, 2023 12:00AM ET

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Crypto Biz: Ledger halts recovery service, Web3 in Hong Kong, and another CEX goes down

Another centralized exchange (CEX) bites the dust, with Hotbit announcing it will close operations due to adverse business conditions. As is common among CEX collapses in recent months, the crypto firm mentioned FTX, the ongoing banking system crisis, and even a probe as reasons for its cash flow problems.

Also facing a tough time is wallet provider Ledger. The company 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 beyond a public relations crisis. The recovery service was also a path toward subscription services, which could generate recurring revenue for the wallet provider. The feature is now postponed until most of its code is open-sourced, said Ledger.

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