Zhongbi, the so-called safest currency exchange, announced the suspension of withdrawals, or the theft of $4.8 million in assets

Another currency exchange has a problem.

On August 2, the ZB exchange suddenly issued an announcement saying that it had encountered a malfunction, and now it has stopped deposit and withdrawal services, and has not informed the recovery time.

In addition to stopping the withdrawal, ZB did not disclose any information. According to community speculation, Zhongbi was not maintained due to a malfunction, but was hacked.

On August 3, blockchain security firm PeckShield released on-chain data showing that more than 20 cryptocurrencies, including SHIB, USDT and MATIC, with a total value of about $4.8 million were transferred out of the exchange on Tuesday. And PeckShield said that some ETH (Ethereum) has been transferred to other exchanges for sale.

As of press time, ZB has not denied this news, and has made no statement since the announcement.

China Currency Exchange originated in mainland China, formerly known as "China Bitcoin", is a small and medium-sized trading platform in the currency circle. According to public information, the platform was established in 2013 and its founder is Li Dawei. According to data from CoinMarketCap, in the global spot trading volume, the volume of ZB is about 20.

Li Dawei first came into contact with Bitcoin in 2012, and entered the field to start a business in 2013. He founded China Bitcoin (CHBTC) and served as the CEO. He is known as the "veteran cadre in the currency circle" because he wears formal attire to attend.

Like many small and medium-sized platforms, although Zhongbi has survived for a long time, its volume has gradually been pulled away by head exchanges. Li Dawei once said in an interview that "Zhongbi" is more pragmatic, focusing on user experience rather than brand packaging.

Since mainland China began to crack down on hype such as virtual currency transactions in 2017, ZB began to expand its overseas business and has a presence in Southeast Asia. In September 2021, when the mainland began to clear the virtual currency trading platform, ZB is one of the few trading platforms that has not cleared mainland users.

Zhongbi has been deeply involved in "running rumors" in recent years, but it has been officially refuted by it. On July 26, ZB also refuted the rumor on the official website of a fraud announcement in the name of “ZB issued a redemption plan”.

On its overseas social media, ZB's profile is "the world's safest cryptocurrency exchange".

Since May 2022, a number of small and medium-sized currency exchanges, including AEX and Hufu, have experienced capital crises.