In the cryptocurrency industry there are a lot of things
that keep on happening now and then and there are a lot of those things that attract a lot of attention towards the entire sector because of the magnitude of that particular event that happened one of those events has happened recently and that is catching a lot of attention in recent times for sure.
Cryptocurrency exchanges are one of the most fundamental things that exist in the entire cryptocurrency sector as they are the very basic things that are needed for the entire sector to function properly it is the Gateway for people for a lot of activities including transactions as well as also storing their basic assets too. Everything that happens in the entire cryptocurrency industry happens to be going through these exchanges once in the entire procedure that happens, making it a very important structure of the entire pattern that exists in the ecosystem.
BitForex which is a Hong Kong-based cryptocurrency exchange has now suspended its withdrawal from its platform for over 3 days and that has been done without giving any explanation or reason to the consumers which has left a lot of users very frustrated and confused at the same time. There has to be something very serious about this to happen as there was no announcement made for the uses of the platform which is a very big mishap on the end of the things like services that have been provided to the end customers.
According to a lot of reports before this suspension happened in the exchange there was about 56 million in Crypto that was withdrawn from the platform using the wallets of the exchange itself which is being considered as the main reason why this action or decision was taken from the side of BitForex. Though this is one of the only things that people are talking about however this is something that the company has not yet announced as well it has also just been seen that this might be the probable cause for the necessary action that has been taken but even then it should have been announcing from the side of the exchange itself.
Seeing some suspicious activity with the crypto exchange @bitforexcom.
— ZachXBT (@zachxbt) February 26, 2024
On Feb 23 their hot wallets saw outflows of ~$56.5M. Shortly after this time withdrawals stopped processing with no official announcements having been made since.
Currently users are asking questions on… pic.twitter.com/gFEcwExHKh
If it talks about the updates from the side of the exchange then there have been none on this particular aspect and if we talk about the Twitter account of this particular exchange then there has been no announcement or any update on that particular account since May of last year which is also a very big Red flag for the company services if we talk about that and in the telegram channel people are reporting their problems with the account that includes the inability to sign in as well as the withdrawal problem as usual.
There has been no response from the side of the customer services of the company and the exchange, as well as the users, are trying to get themselves the assets that they had in their wallet and trying to withdraw they are sharing a lot of screenshots about them getting blocked from the website itself and not getting through to get their funds out of the exchange itself which is something that has been happening since the last three days and to cap it all off there has been no update from the side of the exchange.
It is a very big shame that such a big exchange and prominent one is not providing the necessary update that it needs to be providing to the customers as it had about 2.6 Billion Dollars worth of cryptocurrency daily trading volume on its platform which makes it one of the largest exchanges that happens to be in the cryptocurrency ecosystem. On the website, there are just a couple of pages where I am still operational and one of those pages has been the announcement post of the CEO of the company who has stepped down and left the company.
It is unclear whether there has been a major security bridge in the exchange or what has gone wrong about those particular transactions that are visible as there has been a major withdrawal from the exchange which is around 56 million worth in cryptocurrencies which is a very huge sum of monetary value. Right now there are a lot of rumors and speculations about what might have been the reason but it's still a big mystery now at the same time it is making the entire situation a lot more anxious as this kind of thing when happen they should be some sort of the announcement from the side of the exchange itself clearing everything out in the blink of an eye but there has been a very long amount of time that has passed already since these things have happened for BitForex.
It will be really interesting to see how things are going to turn out to look in a couple of months or maybe days as people are going to be looking upon it as one of the most looked at subjects in the upcoming few weeks for sure and a solution is something that everyone will be looking after as well.
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