BitForex Users Unable to Withdraw Funds After Suspension is Lifted

IconCryptoNewsTerminal Staff26 Jul, 2024

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BitForex Users Unable to Withdraw Funds After Suspension is Lifted

According to DL News, a cryptocurrency media outlet, "BitForex, a Hong Kong-based cryptocurrency exchange that has been suspended for the past five months, announced that it would resume withdrawals on the 24th (local time), but it was found that no users had successfully withdrawn funds as of two days later." BitForex announced via its official Telegram and X (formerly Twitter) that the "five-month suspension of service was due to the detention of employees in Jiangsu Province due to an investigation by the Chinese police". They also stated that they would "quickly resume withdrawals so that users can retrieve their assets", but that functions such as trading, deposits, and new account creation would still be unavailable. Meanwhile, BitForex was found to have absconded with $57 million of user deposits from its hot wallet in February and has suspended its website services since February.

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