Scam alert ! Famous Crypto exchange ” Bit Forex ” suspended Withdrawals ?

The cryptocurrency exchange BitForex blocked users and went silent after moving $57 million in funds, sparking fears of an exit scam.

BitForex is a cryptocurrency-to-cryptocurrency exchange based in Hong Kong. It lists approximately 165 cryptocurrency pairs. In late March 2019 it was ranked fifth worldwide among cryptocurrency exchanges by the U.S. dollar value of its traded volume according to Coin Market Cap, an online industry statistics reporting service.

BitForex operates an exchange that offers more than 300 trading pairs for digital assets. These include BTC/USDT, ETH/USDT, EOS/USDT, DOGE/USDT, and other pairs consisting of top-performing, as well as more obscure cryptocurrencies.

BitForex’s hot wallets recorded significant digital currency outflows amounting to approximately $56.5 million on February 23, as detected by pseudonymous on-chain investigator ZachXBT. Right now, the exchange appears to have zero trading volume, according to data from CoinMarketCap and CoinGecko.

The sudden suspension of withdrawals has sparked a flurry of user complaints on BitForex’s official Telegram channel, with numerous reports of inaccessible accounts and zeroed-out balances on dashboards. Further complicating matters, the exchange has allegedly been selectively deleting messages that addressed these user concerns since the halt, and its Community Manager went silent and changed her profile picture shortly after the incident.

According to some sources, BitForex is a cryptocurrency exchange that has been accused of exit scamming its users. Exit scamming is a fraudulent practice where operators of a platform or project deceive investors into building trust before abruptly disappearing, leaving them to grapple with significant losses.

Some of the signs that BitForex may be involved in an exit scam are:

The exchange halted user withdrawals on February 23, 2024, following a large outflow of funds from its hot wallets.
The exchange’s website and trading application became inaccessible on the same day, blocking user access.
The exchange’s official communication channels, such as Telegram and X, have gone silent, with no official announcements or responses to user complaints.
The exchange’s former CEO, Jason Luo, left the exchange in January 2024, with no specified reasons.

Many users have expressed their frustration and anger on social media platforms, such as X, demanding access to their wallets and assets. Some users have also reported that the exchange manipulated the prices of some tokens before the shutdown, possibly to attract more money from unsuspecting investors.

BitForex is an unregulated exchange based in Seychelles, which means that users have little legal recourse or protection in case of fraud or theft. The exchange has also been criticized for its lack of transparency, security, and customer service.

Therefore, it is advisable to avoid using BitForex or any other suspicious or unregulated cryptocurrency exchange, and to always do your own research before investing in any platform or project.

please do your own research before taking actions.