Hong Kong-based cryptocurrency alternate BitForex has abruptly ceased operations, with its web site and buying and selling utility changing into inaccessible on February 23.
The shutdown follows an outflow of roughly US$56.5 million in cryptocurrencies from the alternate’s wallets, as reported by on-line detective ZachXBT.
The sudden departure of CEO Jason Luo a month prior and the present lack of communication from the alternate have left customers unable to withdraw funds and anxious in regards to the platform’s stability.
BitForex, which beforehand boasted over US$2 billion in buying and selling quantity, is now underneath scrutiny for doubtlessly staging an exit rip-off—a fraudulent observe the place operators abscond with customers’ belongings.
BitForex’s official Telegram channel has gone silent, and its final social media replace was posted on February 21.
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