BitForex Security Incident: $56.50M Reported Loss
On February 23, 2024, Hong Kong-based cryptocurrency exchange BitForex was suspected of an exit scam after approximately $56.5 million in suspicious fund outflows were detected across multiple blockchains.
- Reported loss
- $ 56,500,000
Incident Overview
The platform subsequently restricted access. On-chain investigator ZachXBT was the first to notice irregularities in withdrawals, highlighting that the exchange had ceased processing withdrawals and failed to respond to customers. In mid-2023, the company faced regulatory scrutiny in Japan for operating without a license and was accused of inflating trading volumes. Its CEO resigned in January, promising a new team would take over. On July 19, BitForex updated the situation on X, stating that platform access was disrupted due to unforeseen events and that it would reopen soon.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.