Shortly after, the exchange stopped processing transactions, but never provided an official explanation. Blockchain Sleuth noted that Bitforex owns 18% of the total supply of TRB tokens and 7% of the total supply of OMI coins.
Now exchange clients are trying to contact the team on the X social network and the Telegram messenger. Users complain about problems with their accounts: some cannot log into their accounts, while others do not see the control panel. Some users shared screenshots showing that they were completely blocked from accessing the exchange website.
ZachXBT noted that the Bitforex team has not posted to X since May 2023, and a month ago, CEO Jason Luo resigned. This was the latest announcement published on the Bitforex website.
In September 2023, Bitforex was among the world's leading crypto exchanges by market capitalization. The daily trading volume of cryptocurrencies reached $2.6 billion. In April 2023, the Japanese Financial Services Agency (FSA) accused Bitforex of lack of registration and illegal operation. However, since then the trading platform has not attracted the attention of regulators.
Last week, another Hong Kong-based crypto exchange, Atom Asset Exchange (AAX), moved $55.6 million worth of ether from its wallets. That platform ceased operations on November 13, 2022, just two days after the FTX cryptocurrency exchange failed.
Source: Bits
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