BitForex website blocks users after apparent $57 million hot wallet withdrawals
Quick Take BitForex has reportedly stopped processing withdrawals after $57 million was seemingly transferred out of the exchange’s hot wallets. Its website is no longer accessible.
BitForex has gone offline following $57 million seemingly withdrawn from the crypto exchange's hot wallets late last week.
Noted blockchain investigator ZachXBT on X was one of the first to report on the development, noting that the crypto exchange has stopped processing withdrawals while its team has largely gone dark.
Attempts to access BitForex's official website yield "Sorry, you have been blocked — You are unable to access bitforex.com" results.
The reason for the exchange's apparent disappearance currently remains unknown.
Last year, regulators in Japan flagged the exchange — alongside Bitget, MEXC Global and Bybit — for operating without proper registration. Earlier, in 2019, Chainalysis reported that the exchange may have been faking its trading volumes .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will Bitcoin Reach $105K? The Potential Impact of Liquidity Injections on Bullish Surge
Exploring the Potential Influence of Global Liquidity on Bitcoin's Ascension to a New High
Leverage-Driven Pump: How Bitcoin Long Traders Could Become Trapped
Unpacking the Perils and Potential of Leverage-Driven Bitcoin Pump for Long Traders
Despite Bitcoin’s Decline, Tom Lee Maintains BTC Will Still Be the Year’s Best Bet
Trending news
MoreCrypto prices
More
