BitForex Website Goes Dark Amid Reported $57M Outflow
Cryptocurrency exchange BitForex went offline after $57 million was reportedly withdrawn from its hot wallets on February 23. Withdrawals have ceased and the BitForex team has not responded to user requests. Users attempting to access the BitForex website are met with a block message. BitForex owns 18% of the total supply of Tellor (TRB), valued at $54 million. It is uncertain whether a hacker has accessed BitForex's hot wallets or if the team has voluntarily stopped withdrawals. Former CEO Jason Luo announced his departure from the company in January. The BitForex account has not posted any updates since February 21. In 2019, a Chainalysis report suggested that BitForex might have been inflating trading volume, and in 2020, it was flagged by Japanese regulators for operating without a license.
