Hong Kong-based cryptocurrency exchange BitForex has stopped all withdrawals for at least three days, leaving users puzzled and worried about the safety of their assets.
This incident was revealed when blockchain sleuth ZachXBT flagged suspicious activity on the platform, sparking fears of a potential exit scam.
Exit Scam Suspicions and Halted Withdrawals
ZachXBT, in a post dated February 26, expressed concerns about potential irregularities involving BitForex, suggesting the likelihood of an exit scam.
They pointed out a significant outflow of around $56.4 million from the exchange’s hot wallet on February 23. Following this substantial withdrawal, the exchange suspended all withdrawal operations, causing concern among its user community.
Seeing some suspicious activity with the crypto exchange @bitforexcom.
On Feb 23 their hot wallets saw outflows of ~$56.5M. Shortly after this time withdrawals stopped processing with no official announcements having been made since.
Currently user
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