Hong Kong-based Crypto Exchange BitForex Disappears After $56.5M Withdrawal
Crypto News

Hong Kong-based Crypto Exchange BitForex Disappears After $56.5M Withdrawal

1m
1 month ago

Hong Kong-based cryptocurrency exchange BitForex has abruptly shut down, leaving users in a state of confusion and fear.

Hong Kong-based Crypto Exchange BitForex Disappears After $56.5M Withdrawal
Hong Kong-based cryptocurrency exchange BitForex has abruptly shut down, leaving users in a state of confusion and fear. The exchange ceased all operations on February 23, with no prior warning or explanation, and has gone silent on all official communication channels. This sudden closure has sparked concerns of a potential exit scam, as significant outflows of digital currency were detected from BitForex's hot wallets before its closure.

Users have reported being unable to access their accounts, with some claiming zeroed-out balances and deleted messages expressing concerns on the platform's Telegram channel. The exchange's silence has further amplified anxieties, leaving users with no information regarding the status of their funds.

This incident has had a significant impact on the OMI token, a cryptocurrency associated with a major NFT marketplace. Due to BitForex holding a large portion of the OMI supply, the token's price has plummeted by over 88%. Additionally, access to the BitForex website is now restricted, with only a few support pages remaining accessible.

BitForex has a history of controversy, having previously been flagged for operating without proper registration and facing accusations of faking trading volume. In light of the current situation, a Telegram group named "Scammed by BitForex" has emerged, with users banding together to share their experiences and explore potential avenues for recourse. Some users have already filed complaints with regulatory bodies and are encouraging others to do the same, while also seeking to raise awareness through various channels.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article