A leading Hong Kong crypto exchange has halted withdrawals on its platform after more than $56 million was withdrawn from its wallet last week.
According to an on-chain researcher ZachXBTBitForex was involved in a number of “suspicious activities” last week.
“I have seen suspicious activity at the crypto exchange BitForex.
On February 23, their hot wallets saw an outflow of ~$56.5 million. Shortly afterwards, withdrawals processing stopped and no official announcements have been made since.”
According to ZachXBT, questions from BitForex users are not answered by officials on BitForex’s X and Telegram. Moreover, BitForex’s CEO resigned last month.
According to ZachXBT, BitForex has a significant supply of two altcoins: Tellor Tributes (TRB) and ECOMI (OMI).
“Bitforex owns 18% of the TRB offering and 7% of the OMI offering.“
Tellor Tributes is a decentralized oracle and system that miners on the Ethereum (ETH) network can use to retrieve external data and place it on-chain for access via smart contracts. The TRB token is used as a means of payment and in managing the protocol.
OMI is the native utility token on the digital collection platform VeVe. OMI tokens are the native medium of exchange on the digital collecting platform ECOMI.
BitForex has not released a statement on the claims at the time of writing.
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