BitForex Exchange Suddenly Disappears and No Longer Responds to Users

Sad news for BitForex users. The Hong Kong-based DEX has been unavailable since Saturday and ended withdrawals on its platform three days ago. Users around the world can no longer access their assets. One day before withdrawals ended, the crypto exchange reportedly sold $56 million worth of cryptos.

Read more about BitForex and find other important financial news from around the world with our companion app Born2Invest.

Wind of panic about BitForex

On February 23, ZachXBT, well known in the X cryosphere, noticed that the exchange had sold $56 million worth of crypto.

Just hours later, the exchange made it impossible for users to withdraw their funds. All without any official announcement. At the time of writing this article, the official BitForex website displays a 404 error.

Users have therefore been unable to log in to their account since last Friday.

Radio silence

Bugs or hacks are common in the crypto space. But these are normally accompanied by an announcement or press release, indicating the why and how. But this time, for BitForex, it’s radio silence.

The exchange has not communicated on its situation, which leads many to believe that this is the end of the exchange. Their official Twitter account hasn’t posted since February 20, 2024 and their Telegram channel is filled with user complaints.

BitForex never responded to these complaints . The same goes for discord: after talking about a simple “bug”, the moderators of the discord channel said they had no idea what was really going on.

Another worrying news is the BitForex page on Trading View:

The site first explains that the exchange is no longer available and that the data concerning it is unavailable.

Unsurprisingly, theories are flying around on social media. On the one hand, some believe in a “simple breakdown” , which would last longer than usual. On the other hand, many call it a scam .

In April 2023, the Japanese Financial Services Agency (FSA) accused BitForex of violating the country’s funds settlement laws. According to the FSA, the exchange operated in the country without being registered. However, since this incident, the exchange has never had any further problems.

It is still too early to declare whether the exchange is indeed dead or whether it will one day come back. But the latest news published on the exchange’s official website announced the resignation of its CEO (mentioned in the first tweet of this article), which potentially suggests that the exchange is indeed permanently closed, stealing billions in the process. assets to its users.

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(Featured image by sergeitokmakov via Pixabay)

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First published in ActuFINANCE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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