Exit Scam? Bitcoin Exchange BitForex Shutters After $57M Mysteriously Withdrawn

Summary

The article details the sudden shutdown of BitForex, a Hong Kong-based crypto exchange, amid suspicions of an exit scam after $56.5 million moved from its hot wallets. Users struggle with inaccessible funds and deleted complaints on Telegram, while CoinMarketCap shows no trading volume. Previously, BitForex faced regulatory and authenticity issues related to operating without registration and alleged fake trading volumes. The OMI token related to the Veve NFT ecosystem, which BitForex held a significant portion of, plummeted by 88% post-incident. The article suggests parallels with the infamous QuadrigaCX case, and affected customers are coordinating via a new Telegram group for collective action.