Blockchain detective ZachXBT has issued a warning to the crypto community about suspicious activity on the BitForex cryptocurrency exchange.
in ×post On February 26th, blockchain detective ZachXBT warned regarding activity on the BitForex cryptocurrency exchange that the platform may have suffered an exit scam. Investigators say the exchange withdrew approximately $56.5 million worth of cryptocurrencies from hot wallets on February 23. ZachXBT added that following the abnormal withdrawal, the exchange suspended withdrawals without any official explanation.
In January, BitForex's CEO Jason Luo resigned and the company's management changed. Although Luo expressed confidence in the new leadership's abilities in a blog post, the circumstances surrounding his resignation have sparked speculation amid recent events.
“I believe that they will lead BitForex to even greater horizons. I will continue to contribute my wisdom and strength to BitForex, as this is my eternal commitment to this house.”
Jason Luo
ZachXBT pointed out that the exchange still holds the majority of TRB and OMI tokens, making the situation even more critical. ZachXBT identified specific wallets associated with this activity and urged continued monitoring for further development.
Founded in 2018, BitForex faced numerous user complaints, especially regarding account bans allegedly related to KYC requirements. As of this writing, the exchange has not released any official statements regarding recent developments.
