Cryptocurrency

ZachXBT

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 Crypto exchange BitForex has started blocking access to its website through Cloudflare. Cryptocurrency investigator ZachXBT took to X (formerly Twitter) to highlight suspicious behavior, including shutting down withdrawals and outflows of over $56 million on Friday.&nbsp;
 ZachXBT also highlighted that BitForex chief exec Jason Luo stepped down from his role last month.&nbsp;
 The <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>’s X account has been silent about these issues, with its last post asking simply, “What are the top encryption projects in 2024?” The <a rel="noopener noreferrer nofollow" title="BitForex" href="https://thebittimes.com/tag/bitforex.html">BitForex</a> team also looks to have gone silent across its other channels, not responding to questions via Telegram or on its Discord server.&nbsp;
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/HURvYtQQL9zA6R5d5B-MgbL9P-DwZs8_-nltMEyKqYzm7lgm0lg_LP-tSXqvMlr-UjuphdyiUJpPoQzuYd5fjh3teZmwmjdmBFuVn9WTj8hMMGKnAbAI3hLcENg2JNOtaj40Vd4ijgoA5xfoQb5GrrQ" alt>
 <figcaption class="wp-element-caption">Screenshot of the BitForex website.
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 Read more: Hackers switching to centralized <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s to fund crypto attacks
 Last year, <a rel="noopener noreferrer nofollow" title="BitForex" href="https://thebittimes.com/tag/bitforex.html">BitForex</a> was one of the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s named by Japan’s Financial Services Agency in a letter that accused it of operating without the appropriate registration. It has previously been accused of inappropriate behavior, including in a 2019 Chainalysis report that suggested it was using wash trading to increase its apparent volume.
 The combination of outflows, its website shutting down, and a lack of communication from its team suggests another <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> could be on its way to joining the long list of cryptocurrency platforms losing or misappropriating customer funds before shutting down.
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News, or subscribe to our&nbsp;YouTube&nbsp;channel.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-exchange-bitforex-shuts-down-withdrawals-and-disappears-tbt80839.html">https://thebittimes.com/crypto-exchange-bitforex-shuts-down-withdrawals-and-disappears-tbt80839.html</a>

Crypto exchange BitForex shuts down withdrawals and disappears

TheBitTimes

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