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BitForex Website Goes Dark Amid Reported $57M Outflow
The exchange's CEO stepped down in January.
- 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Cryptocurrency exchange BitForex has gone offline after $57 million was reportedly withdrawn from the exchange's hot wallets on Feb. 23.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
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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 (TRB), 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.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
