- ZachXBT has spotted suspicious activity on the BitForex cryptocurrency exchange.
- BitForex’s hot wallet experienced an outflow of approximately $56.4 million on February 23.
- BitForex users complain over the inability to make withdrawals and lack of responses from the team.
ZachXBT, a pseudonymous on-chain researcher on X, has spotted suspicious activity on the BitForex cryptocurrency exchange. In a recent post, the self-described “2D detective” outlined some events that led to BitForex users questioning the crypto exchange team.
Seeing some suspicious activity with the crypto exchange @bitforexcom.On Feb 23 their hot wallets saw outflows of ~$56.5M. Shortly after this time withdrawals stopped processing with no official announcements having been made since.
Currently users are asking questions on… pic.twitter.com/gFEcwExHKh
— ZachXBT (@zachxbt) February 26, 2024
According to the on-chain researcher, BitForex’s hot wallet experienced an outflow of approximately $56.4 million on February 23. He noted that shortly after the significant outflow, withdrawals from the exchange stopped processing.
ZachXBT explained withdrawals had not resumed on the…
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