The cryptocurrency trading community has long been curious about the status of ZB Exchange — one of the earlier players in the digital asset space. Questions like “Will ZB recover?”, “Is ZB shutting down?”, and “Can you still trade on ZB?” have circulated widely, especially following unexpected service disruptions. This article provides a clear, updated overview of ZB’s current situation, recovery progress, and what users should know moving forward.
Is ZB Exchange Shut Down?
No, ZB Exchange is not shut down. Despite rumors and concerns stemming from temporary service outages, the platform remains operational. While it has faced technical challenges and periods of restricted functionality, there has been no official announcement indicating permanent closure. User funds are reported to be secure, and efforts to restore full services have been ongoing.
ZB, originally known as "Zhongbi" or "China Bitcoin," was founded in 2013 by Li Dawei. It emerged during the early days of cryptocurrency adoption in China and grew into a mid-tier global exchange. According to CoinMarketCap data, ZB has historically ranked outside the top 20 in terms of spot trading volume, but it maintains a dedicated user base across Asia and beyond.
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What Happened to ZB Exchange in 2022?
On August 2, 2022, ZB Exchange issued an unexpected announcement stating that it was experiencing technical issues. As a result, the platform suspended deposit and withdrawal services, without providing a clear timeline for restoration.
Notably:
- Trading remained active for a short period after the announcement.
- Withdrawals were completely halted.
- No immediate explanation was given regarding the root cause.
However, blockchain security firm PeckShield detected suspicious on-chain movements shortly after the outage. Their analysis revealed that over $4.8 million worth of digital assets, including major cryptocurrencies like SHIB, USDT, MATIC, and ETH, had been moved from ZB’s hot wallets to external addresses.
Some of the transferred Ethereum (ETH) was quickly sold on other exchanges, raising red flags about a potential security breach or hacking incident. Although ZB did not explicitly confirm a hack at the time, the lack of transparency fueled speculation within the crypto community.
Despite this event, ZB continued to maintain its infrastructure and gradually resumed core operations — a sign that the platform was working toward stabilization rather than winding down.
When Will ZB Resume Full Trading Services?
There seems to be some confusion in older sources referencing a recovery timeline from September 2020, which is outdated and unrelated to the 2022 incident. The correct timeline for recent developments is as follows:
As of 2025, ZB Exchange has:
- Restored trading functionality across most major pairs.
- Reopened internal transfers, order cancellation, and OTC trading.
- Gradually reinstated deposit capabilities for select cryptocurrencies.
- Not yet fully restored withdrawal services for all tokens — this remains a work in progress.
The exchange has communicated through its official channels that system audits, wallet security upgrades, and third-party reviews are being conducted to ensure long-term stability before full withdrawal functions are brought back online.
Users are encouraged to monitor ZB’s official social media accounts and internal announcements for real-time updates on service restoration.
Key Factors Affecting ZB’s Recovery
Several elements play into whether ZB can regain user trust and return to full operation:
1. Security Enhancements
Following the suspected breach, reinforcing cybersecurity infrastructure is critical. This includes multi-signature wallets, cold storage improvements, and regular penetration testing.
2. Transparency with Users
Clear communication during crises builds confidence. While ZB improved messaging post-outage, earlier delays in disclosure damaged credibility.
3. Regulatory Compliance
Although ZB moved away from mainland China due to regulatory pressure, compliance with international standards (KYC/AML) remains essential for relisting on major data aggregators and partnering with payment gateways.
4. Competition in the Crypto Exchange Market
The landscape has evolved significantly since 2013. Today, users expect fast execution, low fees, strong liquidity, and innovative products — areas where newer platforms often outperform legacy exchanges like ZB.
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Frequently Asked Questions (FAQ)
❓ Is ZB Exchange still safe to use?
While ZB has taken steps to improve security, users should exercise caution. Until full withdrawals are restored and independent audits are published, it's advisable to avoid depositing large amounts. Use only if you understand the risks involved.
❓ Can I withdraw funds from ZB right now?
Partial withdrawal services have been restored for certain cryptocurrencies. However, availability varies by coin and region. Check the official ZB website or app for the latest status before initiating any transactions.
❓ Was ZB hacked in 2022?
Evidence suggests a possible breach, with PeckShield tracking significant fund outflows shortly after the service disruption. ZB has not officially confirmed a hack, but the circumstantial evidence is strong.
❓ Why did ZB suspend services?
The official reason cited was “technical faults.” However, given the large-scale movement of funds observed on-chain, many believe the outage was linked to a security incident rather than routine maintenance.
❓ How does ZB compare to other exchanges today?
ZB once held a prominent position among Chinese-speaking crypto traders. Today, it faces stiff competition from more transparent, liquid, and feature-rich platforms like OKX, Binance, and Bybit. Its market share has diminished due to prolonged downtime and slower innovation.
❓ Should I move my assets from ZB?
If you have funds on ZB and withdrawals are available for your assets, consider transferring them to a more established and fully functional exchange or self-custody wallet for better control and security.
Final Thoughts: Can ZB Make a Comeback?
ZB Exchange stands at a crossroads. With over a decade of history in the crypto industry, it carries brand recognition and a loyal user base. However, regaining trust after service interruptions and suspected breaches requires more than just restoring functions — it demands accountability, transparency, and modernization.
For users evaluating their options:
- Monitor official updates closely.
- Prioritize asset safety over convenience.
- Consider diversifying holdings across multiple secure platforms.
The crypto world moves fast, and resilience depends on adaptability. Whether ZB can reclaim its former standing will depend on how effectively it addresses past issues and meets current market expectations.
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