BitForex, a cryptocurrency exchange based in Hong Kong, has suddenly stopped working, leaving its users scared and confused. On February 23, the exchange shut down all its operations without any notice or reason, and has not responded to any queries or messages since then.
Possible Scam
Many users fear that BitForex has vanished with their money, as large amounts of digital currency were seen leaving the exchange’s online wallets before it closed. They also say that they can’t log in to their accounts, and some even say that their balances have been wiped out and their messages erased from the platform’s Telegram channel.
BitForex has not given any update or explanation to its users, making them more worried about their funds.
The shutdown has also affected the OMI token, a cryptocurrency linked to VeVe, a big NFT marketplace. Since BitForex had a lot of OMI tokens, the token’s value has dropped by more than 88%.
Moreover, the BitForex website is now mostly blocked, with only a few help pages still available.
BitForex’s History
BitForex has garnered a reputation for untrustworthiness due to allegations of illegal operations and volume inflation. In response, a Telegram group dubbed “Scammed by BitForex” has emerged, serving as a platform for users to share their grievances and seek restitution for their losses.
Some BitForex users have lodged complaints with authorities, while also encouraging fellow victims to follow suit and share this information across various channels.
Meanwhile, governments and financial regulators like the Securities and Exchange Commission (SEC) have been trying to fight digital assets-related scams and attacks. For instance, the SEC has been educating investors how to spot and avoid fraudulent crypto dealers.
