Cryptocurrency withdrawals frozen on BitForex without explanation
Key Takeaways
- BitForex has suspended withdrawal services without providing any official explanation to users.
- Prior to the outage, BitForex experienced a withdrawal event that saw approximately $56 million in cryptocurrency moved from exchange wallets.
- BitForex’s lack of communication has raised concerns among its user base, with some speculating about a possible exit scam.
BitForex, a Hong Kong-based cryptocurrency exchange, recently If the withdrawal service is suspended without official explanation, It leaves users in the dark.
This comes after it was reported to be worth millions of dollars. Cryptocurrency has been transferred From a cryptocurrency exchange wallet one day before the freeze.
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The unexpected outage was first brought to light by blockchain researcher ZachXBT. Approximately 56.5 million dollars Percentage of digital assets leaked from three BitForex hot wallets.
Following the freeze, users took to BitForex’s official Telegram to report issues ranging from not being able to log into their accounts to missing assets from the dashboard. that much I can’t access the website At the time of writing.
Amid growing concerns, BitForex’s communication channels have become quiet. There are no updates on X account From February 21st.
Some cryptocurrency community members is guess Whether it is an exit scam; However, there are not enough details to make such a statement.
BitForex also faced trouble in April 2023 when it was investigated by Japan’s Financial Services Agency (FSA) for allegedly violating the National Funds Settlement Act by operating without the required registration. After this incident, BitForex remained off the regulatory radar.
The incident adds to a growing number of concerns among cryptocurrency exchange users and highlights the importance of transparency and regulatory compliance in the sector.
In other cryptocurrency exchange-related news, bankrupt FTX has received court approval to sell Anthropic stock, which could potentially add more than $1 billion to its cash reserves to be used for customer repayments.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis comparing the differences between Western capitalism in the United States and forms of collective capitalism in Japan from 1945 to 2020.
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