BitForex, a Hong Kong-based crypto exchange, has temporarily suspended all withdrawals without explanation.
This halt comes after approximately $56 million worth of cryptocurrencies were withdrawn from the platform's hot wallets in a single day.
According to researcher ZachXBT, three of BitForex's asset wallets experienced significant outflows before the platform's transaction processing was halted.
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The exchange's X-account has not been updated since May 2023. BitForex users on the official Telegram channel have reported a number of issues, including being unable to access their accounts and the dashboard not showing any assets.
Some users have also shared screenshots indicating they have been blocked from accessing the company's website.