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.


  • Opinions expressed by FastPayCrypto are not investment advice.
  • Investors should exercise caution and due diligence before making any cryptocurrency investments.
  • FastPayCrypto does not endorse the buying or selling of any cryptocurrencies or digital assets.
  • FastPayCrypto participates in affiliate marketing.