BitForex Exchange Halts Withdrawals Following $56 Million Exodus

Sudden Outflow and Unanswered Inquiries

• Hong Kong-based crypto exchange BitForex has halted withdrawals on its platform.
• On-chain investigator ZachXBT reported suspicious activity on February 23rd.
• Over $56 million left BitForex’s hot wallets, prompting withdrawal suspension.
• BitForex officials have not responded to user inquiries on X and Telegram.
• The exchange’s CEO resigned last month, adding to the uncertainty.

Altcoin Holdings and Token Utility

• BitForex holds a significant portion of two altcoins: Tellor Tributes (TRB) and ECOMI (OMI).
• TRB, a decentralized oracle, facilitates data fetching and on-chain placement for smart contracts.
• OMI serves as the native utility token on the VeVe digital collectible platform.

Awaiting Official Statement

• BitForex has yet to address the claims and provide an explanation.
• FastPayCrypto advises investors to conduct thorough research before engaging in high-risk crypto investments.

Disclaimer

• Opinions expressed by FastPayCrypto are not investment advice.
• Investors should exercise caution and due diligence before making any cryptocurrency investments.
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