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BitForex Website Goes Dark Amid Reported $57M Outflow

BitForex Website Goes Dark Amid Reported $57M Outflow

BitForex Website Goes Dark Amid Reported $57M Outflow

The exchange's CEO stepped down in January.

The exchange's CEO stepped down in January.

The exchange's CEO stepped down in January.

By Oliver Knight
AccessTimeIconFeb 26, 2024, 12:28 PM
Updated Mar 8, 2024, 10:07 PM
The BitForex website has gone dark. (Kris/Pixabay)
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  • 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Cryptocurrency exchange BitForex has gone offline after $57 million was reportedly withdrawn from the exchange's hot wallets on Feb. 23.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.

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.

STORY CONTINUES BELOW

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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.

Edited by Sheldon Reback.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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