Bitforex

History

2024: Breaking the Stock Exchange

On February 26, 2024, a blockchain specialist under the pseudonym ZachXBT reported a hack and suspicious activity on the popular cryptocurrency exchange Bitforex. It is estimated that attackers could have stolen more than $56 million.

The Bitforex site, launched in 2017, allows hundreds of cryptocurrencies to be traded on the spot market, as well as buy and sell NFTs. In January 2024, BitForex CEO Jason Luo unexpectedly resigned. In his statement, he expressed confidence that the new management will continue to develop the exchange, but various speculations on the future of the platform began to appear on the Internet.

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It is reported that on February 23, 2024, an outflow of funds worth approximately $56.5 million occurred from hot Bitforex wallets. As of the specified date, the platform management does not give any official comments on what is happening. However, user service has been suspended and the exchange's website is unavailable. The situation is aggravated by the fact that the Telegram channel of the exchange also does not publish any information about its condition. One of the administrators, known by the pseudonym Hazel_BitForex, deleted his account. Other administrators are silent, despite numerous requests from users. In fact, the site's customers remain completely unaware of its future. ZachXBT says the exchange still owns a significant portion of the TRB and OMI tokens.

The lack of feedback on several platforms, such as the Bitforex website, social network X [formerly Twitter] and administrator accounts on Telegram, means that users whose funds remain on the exchange may have a good reason to be concerned, notes Cryptoslate resource.[1]

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