BitForex Suspends Operations Amid $57M Withdrawal Mystery

The cryptocurrency exchange BitForex has gone offline, leaving users unable to access their funds after $57 million was reportedly withdrawn from its hot wallets.

• BitForex, a Hong Kong-based cryptocurrency exchange, has abruptly ceased all operations, sparking concerns of a possible exit scam.
• Approximately $57 million was withdrawn from BitForex's hot wallets on February 23, leading to the suspension of withdrawals and user complaints of inaccessible accounts.
• The exchange has not provided a clear explanation for the sudden suspension, with only a vague statement about 'unscheduled maintenance' being communicated.
• BitForex's community manager has gone silent, and there are reports of the exchange selectively deleting user complaints from its official Telegram channel.
• The incident has led to a significant drop in the price of OMI, the utility token for the Veve ecosystem, which BitForex holds nearly 7% of.

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