In response to a sizable withdrawal of money from its hot wallets, the exchange has suspended user withdrawals.
- ZachXBT, a cybersecurity expert, has expressed concern regarding BitForex, a cryptocurrency exchange.
- Over the past week, there have been notable withdrawals from the exchange.
- Jason Luo, the CEO of BitForex, left the exchange earlier this year.
Because the cryptocurrency market is pseudonymous, it is frequently vulnerable to threats and is used by dishonest actors to defraud gullible investors through a variety of hacks and scams.
Stay in the know on crypto by frequently visiting Crypto News Today
Beyond the threats from the outside, the industry is also beset by illegal internal activities such as exit scams, in which projects or businesses fool investors into believing they are trustworthy before suddenly dissipating, leaving them to deal with substantial losses.
CryptoCaster Quick Check:
The cryptocurrency exchange BitForex is currently in the news since it may have vanished from its users’ lives.
Fears About the BitForex Scam
Blockchain cybersecurity ZachXBT warned the cryptocurrency community on Monday, February 26, about unusual activity on BitForex and raised the possibility of a rugpull scam.
The exchange allegedly stopped allowing asset withdrawals on its platforms on February 23 in response to a startling $56.5 million withdrawal from its hot wallets, which marked the beginning of the unusual activity.
Users’ concerns were heightened when Bitforex’s official website stopped working and prevented access. Furthermore, many user complaints remain unanswered on a number of the exchange’s official communication channels, including Telegram and X, which have gone silent.
The events transpire after Jason Lou, the former CEO of BitForex, left the exchange in January without providing an explanation. Users have since taken to social media platform X to air their grievances, fueling speculation of a well-planned scam due to the timing of both events and the lack of transparency from the exchange.
BitForex Fraud: People Want Answers
Nearly 170 users have bombarded the exchange with inquiries regarding its whereabouts and requests for access to their assets and wallets since January 24.
Before the exchange was shut down, the prices of a number of popular tokens dropped by roughly 60% to 80%, as noted by X user Alxchivas. According to Alxchivas, this was probably done to “attract more money,” entice investors to make a cheaper purchase before the company went dark.
If the exchange disappears, users have advised reporting a legal loss to regulatory bodies. As of the time of publication, neither BitForex nor its executives had released an official statement.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
