Huobi Announces Shut Down of Huobi Cloud Wallet as of May 2023

• The multitoken wallet service will no longer get updates or bug fixes as of February 13. 
• For the next three months, users of Huobi Cloud Wallet may make withdrawals.

Huobi, a cryptocurrency exchange, has stated that, due to “strategic and product adjustments,” it would no longer provide its Huobi Cloud Wallet service after May 2023.

According to a post on Huobi’s help page, the multitoken wallet service will no longer get updates or bug fixes as of February 13. Users who are still storing funds in the cloud wallet are asked to move their cryptocurrencies and NFTs to their primary Huobi accounts or to other wallet addresses.

Three Months Window For Withdrawal

For the next three months, users of Huobi Cloud Wallet may make withdrawals and send funds to other addresses, but they should not add any new digital assets to their Huobi Cloud Wallet. On May 13 of 2023, Huobi Cloud Wallet will be shut down permanently.

After receiving a $200 million investment from Huobi Group in May 2022, Huobi Wallet changed its name to iToken. To facilitate the management of digital assets without the usage of private keys, Huobi Wallet introduced the Huobi Cloud Wallet in October 2021.

Custodial wallet services were developed to facilitate user adoption of DeFi apps and services. Tokens could be stored in the Huobi Cloud Wallet without the need for users to handle private keys, since they were held in escrow by a third-party management system.

In addition, 33 tokens listed on Huobi were delisted in January 2023 for failing to comply with the platform’s listing requirements. As part of its reorganization after Justin Sun’s acquisition, the exchange announced at the start of the year that it would be laying off 20% of its workforce.

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