Summary
TLDR: BitForex’s recent activities have raised concerns about a possible exit scam, with $56.5 million in outflows and halted withdrawals. The exchange’s CEO stepped down a month ago, and their control of significant cryptocurrency supplies adds to the uncertainty. Despite silence since February 21, their social media accounts remain active, sparking suspicions. While caution is advised before labeling it an exit scam, the crypto community remains wary following numerous scams in 2023.
Key Points
1. The crypto market is currently concerned about BitForex’s recent activities, which hint at the possibility of an exit scam where platform operators disappear with users’ funds.
2. ZachXBT, an esteemed on-chain detective, reported that BitForex experienced significant outflows from its hot wallets, leading to halted withdrawals and leaving users confused and concerned.
3. Despite BitForex’s silence since February 21, 2024, the exchange’s X account remains active, raising suspicions within the crypto community about a potential exit scam.