Why is Hotbit shutting down?

Can you tell me why Hotbit, a cryptocurrency exchange platform, is shutting down? Is this a permanent closure or just a temporary measure? Are there any specific reasons behind this decision, such as financial difficulties, regulatory pressure, or security concerns? What will happen to users' funds and assets stored on the platform? Will there be any compensation or alternative arrangements made for affected users? I'm interested in understanding the full context and implications of this development.