One of China's earliest cryptocurrency exchanges, ZB (formerly CHBTC), has officially resumed operations after a prolonged 16-month system maintenance period. The platform announced the completion of technical upgrades on December 7, marking its return to the digital asset trading landscape.
Key Details of ZB Exchange Relaunch
- Trading Pairs Restored: BTC/USDT, ETH/USDT, LTC/USDT plus 8 other major cryptocurrencies
- Operational Timeline: Platform reactivated December 6 at 16:00 Beijing Time
- Historical Context: Originally launched in 2013 as "China Bitcoin" (CHBTC)
Background of the Suspension
The exchange initially halted services on August 2, 2022, citing "unexpected core application failures" that required extended troubleshooting. During this period:
- All deposit/withdrawal functions were disabled
- Hot wallet movements totaling ~$7.8M were detected by blockchain analysts
- Social media channels became inactive for over a year
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Founder Profile and Exchange History
ZB's origins trace back to entrepreneur Li Dawei, who:
- Entered the crypto space in 2012
- Founded CHBTC in 2013
- Earned the nickname "Crypto Circle Cadre" for his formal business attire
- Positioned the exchange as user-focused rather than marketing-driven
Current Operational Status Concerns
While the exchange claims restored functionality, community reports indicate:
- Persistent withdrawal difficulties
- Missing contract assets post-upgrade
- Abnormal price volatility across trading pairs
- Significant liquidity issues affecting market prices
Regulatory Context and Market Position
As one of the few exchanges that continued serving Chinese users during the 2021 crypto crackdown, ZB:
- Expanded Southeast Asian operations since 2017
- Maintained branding as "World's Safest Crypto Exchange"
- Faced repeated "exit scam" allegations since 2022
- Officially denied fraudulent withdrawal scheme claims in July 2022
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Frequently Asked Questions
Q: Can users currently withdraw funds from ZB Exchange?
A: Multiple reports suggest withdrawal functionality remains problematic despite the announced relaunch.
Q: What makes ZB historically significant?
A: As one of China's first Bitcoin trading platforms (founded 2013), it represents early crypto adoption in the region.
Q: Should investors trust the reactivated exchange?
A: Extreme caution is advised given the liquidity issues and price discrepancies currently observed.
Q: What happened during ZB's maintenance period?
A: Blockchain analysts detected substantial fund movements from exchange wallets during the downtime.
Q: Who originally founded this exchange?
A: Entrepreneur Li Dawei established the platform as CHBTC before its rebranding to ZB.
Q: How does ZB compare to major exchanges today?
A: Despite its longevity, the platform's trading volume lags significantly behind top-tier exchanges.