BitForex Resumes Withdrawals, Plans to Suspend Operations After Returning Funds

IconCryptoNewsTerminal Staff19 Jul, 2024

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BitForex Resumes Withdrawals, Plans to Suspend Operations After Returning Funds

BitForex, a Singapore-based cryptocurrency exchange, has resumed withdrawals after being offline for five months. The exchange disappeared in February after hackers drained $57 million worth of user deposits from its hot wallet. The exchange's website was down since February, and its team was detained and questioned by Chinese police in late February. According to an announcement on the exchange's website, withdrawals will be available to users who have completed KYC. However, trading and deposits will remain unavailable. The exchange will suspend all operations after completing the return of user funds. The resumption of withdrawals is a positive sign for BitForex users, as it means that they will be able to access their funds again. However, the exchange's plans to suspend all operations after returning funds is a cause for concern. It is unclear what the future holds for BitForex, but it is possible that the exchange may not be able to resume full operations. ```

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