Share this article
BitForex Website Goes Dark Amid Reported $57M Outflow
The exchange's CEO stepped down in January.
Updated Mar 8, 2024, 10:07 p.m. Published Feb 26, 2024, 12:28 p.m.
Make us preferred on Google
- Users trying to access the site are met with a page that says: "Sorry, you have been blocked."
- Last year BitForex was flagged by Japanese regulators for operating without a license.
Cryptocurrency exchange BitForex has gone offline after $57 million was reportedly withdrawn from the exchange's hot wallets on Feb. 23.
Blockchain sleuth ZachXBT said that withdrawals have stopped processing and the BitForex team is unresponsive to user requests.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
When trying to access the BitForex website, users are met with a page that says: "Sorry, you have been blocked."
BitForex owns 18% of the total supply of tellor , worth $54 million. It remains unclear whether a hacker has infiltrated BitForex's hot wallets or whether the team has voluntarily halted withdrawals.
In January former CEO Jason Luo said he would be stepping down after six years at the company, according to a blog post.
The official BitForex account on X has not posted any updates since Feb. 21.
In 2019, a Chainalysis report claimed that BitForex could have been faking trading volume. Last year it was flagged by Japanese regulators for operating without a license.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How the ultra-wealthy are using bitcoin to fund their yacht upgrades and Cannes trips
Cometh founder Jerome de Tychey is applying DeFi lending and borrowing on platforms like Aave, Morpho, and Uniswap to structures that help the ultra-wealthy secure loans against their massive crypto fortunes.
What to know:
- Wealthy investors who hold much of their fortune in crypto are increasingly turning to decentralized finance platforms to secure flexible credit lines without selling their digital assets.
- Firms like Cometh help family offices and other rich clients navigate complex DeFi tools, using assets such as bitcoin, ether and stablecoins to replicate traditional Lombard-style collateralized loans.
- DeFi loans can be faster and more anonymous than traditional bank credit but carry volatility and liquidation risks, and Cometh is also experimenting with applying DeFi strategies to traditional securities via ISIN-based tokenization.
Top Stories
