A recent report by on-chain detective ZachXBT has shed light on concerning activity within the BitForex cryptocurrency exchange. 

Investors are growing increasingly apprehensive as questions arise regarding the exchange’s recent transactions and actions.

According to ZachXBT’s findings, BitForex witnessed a significant $56.5 million withdrawal from its hot wallet on February 23. Surprisingly, withdrawal processing was abruptly halted, leaving users puzzled without any official communication or notice from the exchange.

Adding to the uncertainty, BitForex recently experienced a leadership shake-up with the resignation of its CEO, Jason, just a month ago. In a letter, Jason announced his decision to step down, citing personal reasons, while a new leadership team was slated to take charge.

However, the timing of these questionable activities following the CEO’s departure raises eyebrows among investors and industry observers alike.

Bitforex Holds Notable Amount Of TRB and OMI Supply

Of particular concern is Bitforex’s substantial holdings in certain cryptocurrencies. The exchange holds 18% of the TRB supply and 7% of the OMI supply, which has stirred unease within the respective communities associated with these tokens.

Furthermore, users have reported encountering difficulties accessing the BitForex website, with some noting that their Cloudflare firewall is blocking connections to the platform.

This added layer of technical issues only amplifies concerns regarding the exchange’s reliability and transparency.

ZachXBT has identified several wallets associated with the suspicious activity for monitoring purposes.

Among them are addresses 0xdcacd7eb6692b816b6957f8898c1c4b63d1fc01f, 3DbbF7yxCR7ni94ANrRkfV12rJoxrmo1o2, and TQcnqaU4NDTR86eA4FZneeKfJMiQi7i76o.

As the cryptocurrency community awaits further clarification from BitForex regarding these developments, investors remain vigilant and cautious amid the uncertainty surrounding the exchange’s operations and integrity. 

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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