Hong Kong’s BitForex Crypto Exchange Vanishes after $56.5M Withdrawal
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BitForex. Cryptocurrency exchangeHong Kong-based exchange suddenly stopped functioning, leaving users in a state of confusion and fear. The exchange shut down its entire operation on February 23rd without any warning or reason. Since then, it has not responded to any questions or messages.
Possible Scam
Many users fear that BitForex has vanished with their money, as large amounts of digital currency were seen leaving the exchange’s online wallets before it closed. They also say that they can’t log in to their accounts, and some even say that their balances have been wiped out and their messages erased from the platform’s Telegram channel.
BitForex did not provide any update or explanation for its users, which has made them more worried.
The shutdown also affected the OMI Token, a cryptocurrency that is linked to VeVe – a large NFT marketplace. Since BitForex had a lot of OMI tokens, the token’s value has dropped by more than 88%.
Moreover, BitForex’s website is mostly blocked now, with just a few pages of help still available.
BitForex’s History
BitForex has a reputation of being untrustworthy due to allegations about illegal operations and volume inflation. In response, a Telegram group dubbed “Scammed by BitForex” has emerged, serving as a platform for users to share their grievances and seek restitution for their losses.
BitForex users who have complained to authorities are encouraging other victims to do the exact same thing and spread this information through various channels.
In the meantime, governments and financial regulators such as the Securities and Exchange Commission have been fighting digital assets-related attacks and scams. The SEC, for example, has been Investor Education How to avoid and spot fraudulent crypto dealers
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