A wallet associated with crypto exchange Bitforex (@bitforexcom) has resumed activity after a nine-month hiatus, recently transferring 150,000 $TRB (worth about $8.02 million) to OKX within the past hour.
The wallet, which still holds 321,000 $TRB valued at approximately $19.64 million, originally accumulated a total of 471,390 $TRB over nine months ago, then valued at $54.18 million.
This reactivation comes amid a turbulent year for Bitforex. In February, blockchain investigator ZachXBT flagged unusual behavior surrounding Bitforex’s hot wallets, which saw an outflow of around $56.5 million on February 23. Shortly afterward, the exchange halted user withdrawals, leaving users in the dark without official communication.
Since then, Bitforex users have turned to social platforms like X and Telegram, questioning the exchange’s status and expressing concerns about their funds. The situation was further complicated when the Bitforex CEO stepped down just a month ago, intensifying scrutiny over the exchange’s operations and prompting more inquiries from its community.
Bitforex’s influence extends to its substantial holdings in key assets, including 18% of the total $TRB supply and 7% of the $OMI supply. This large concentration of assets has heightened user anxieties, particularly with Bitforex’s lack of communication regarding withdrawals.
As the Bitforex-linked wallet becomes active again, the crypto community is closely monitoring these movements, hoping for further transparency from the exchange. With millions at stake, Bitforex’s actions in the coming days will likely shape trust in its platform and influence the market’s perception of asset security across exchanges.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: itchaznong/123RF // Image Effects by Colorcinch
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