Key Points
ZachXBT Raises Concerns Over BitForex’s Activity
ZachXBT, a blockchain investigator, has raised concerns about BitForex crypto exchange’s recent activities.
In a post on February 26, he suggested that the platform might have executed an exit scam.
ZachXBT reported that BitForex withdrew about $56.5 million worth of crypto from its hot wallets on February 23.
Following this unusual withdrawal, the exchange stopped withdrawals without giving any official explanation, according to ZachXBT.
In January, BitForex saw a change in leadership when CEO Jason Luo resigned.
Despite Luo expressing confidence in the new leadership in a blog post, his departure’s circumstances have sparked speculation in light of recent events.
Luo stated, “I believe they will guide BitForex towards even greater horizons. I will continue contributing my wisdom and strength to BitForex because this is my eternal commitment to this home.”
ZachXBT also mentioned that BitForex still possesses significant amounts of TRB and OMI tokens.
This makes the situation even more crucial.
He has identified specific wallets linked to this activity and urged for continuous monitoring for any further developments.
BitForex, established in 2018, has previously faced numerous user complaints, particularly about account bans allegedly connected to KYC requirements.
As of now, the exchange has not issued any public statements regarding the recent developments.
