Crypto News – BitForex, a cryptocurrency exchange based in Hong Kong, has stopped accepting withdrawals for at least three days without citing a cause. Approximately $56 million in cryptocurrency had been taken out of the exchange’s wallets the day before the halt.
BitForex Withdrawals Stopped: Users Cannot Access the Exchange’s Website
On-chain detective ZachXBT said in an X post dated February 23 that three BitForex hot wallets experienced cryptocurrency withdrawals totaling over $56.5 million prior to the exchange ceasing operations.
Since May 2023, there have been no updates to the exchange’s X account. Users of BitForex are reporting issues with their accounts on its official Telegram channel. These issues range from not being able to access their accounts to the dashboard not displaying any assets. A pop-up screen indicating they are prohibited from accessing the company’s website was posted by multiple people.
Statistics on BitForex Currently Unavailable on CoinMarketCap
According to its market value as of September 2023, BitForex was one of the biggest cryptocurrency exchanges worldwide. A total of $2.6 billion in cryptocurrency was traded there every day. Live statistics on BitForex are not currently available on CoinMarketCap.
BitForex was charged with breaking money settlement laws in Japan by the Financial Services Agency (FSA) in April 2023. The FSA claimed that the exchange has been operating in the nation without the required paperwork. Regulators and the media, however, haven’t given BitForex much notice since.
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