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Suspicious Activity from BitForex Exchange Has Investors Worried

Hong Kong crypto exchange BitForex stopped withdrawals from its platform for three days without giving users any notice.

Just before the freeze on withdrawals happened, $56 million in cryptocurrency was withdrawn from BitForex wallets. With the company quiet on why no withdrawals are allowed, investors are becoming concerned.

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Cryptocurrency investigator ZachXBT posted on X about the $56 million withdrawal before transactions were no longer being processed by the exchange. Since then, users on BitForex have had difficulty in using their accounts. Many of them have not been able to log into the exchanges dashboard and others who are able to log in are not seeing any assets on the platform. A number of users shared screenshots showing that they were not able to even access the company’s website.

Cryptocurrency news sites with accounts on BitForex have also tried logging in and been unsuccessful in their attempts. The company’s website is still active in some areas, including a few news stories that the company has released this year.

What to Know about BitForex

Cryptocurrency exchange BitForex is one of the largest exchanges of its kind when it comes to market capitalization. The company has not recently been under fire from regulators nor has it shared any news about why the platform is experiencing issues.

Investors are speculating whether the shutdown could be related to a hack or if the Hong Kong-based company has run afoul of regulators. Some news sites are speculating that the issue could be an ongoing one that can be traced back to the departure of former CEO Jason Luo. He stepped down early last year.

We will keep you updated if there is any information from BitForex about the issue and when they expect to resolve it. Right now, $2.6 billion in crypto is sitting in BitForex accounts unable to be touched. The fact that so much money is tied up right now could dramatically affect the crypto markets this week.

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Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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