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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. 1 min read
- 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Cryptocurrency exchange BitForex has gone offline after $57 million was reportedly withdrawn from the exchange's hot wallets on Feb. 23.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.
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.
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