Catcoin Threatens Legal Action Against BitForex Over Frozen Withdrawals

Catcoin Threatens Legal Action Against BitForex Over Frozen Withdrawals

Catcoin (CAT), a popular cat-themed meme coin, has threatened to take legal action against the cryptocurrency exchange BitForex and its former CEO Jason Luo for allegedly preventing users from withdrawing their CAT tokens. According to a statement released on Catcoin's official X account, the exchange abruptly halted withdrawals in February after losing $57 million in a hot wallet hack. BitForex's website has also been offline since late February. Catcoin has accused BitForex of refusing to communicate with the project team and has demanded that the exchange restore withdrawals immediately. Failure to comply, Catcoin said, will result in legal action. "We are giving them a final chance to contact us via our official email," Catcoin stated. "Otherwise, legal actions will be taken soon. We urge the Hong Kong police to take appropriate actions against BitForex." Catcoin is not the only project to have encountered problems with BitForex. Several other companies have also reported issues with the exchange, including Binance, which recently delisted BitForex's BFT token. The allegations against BitForex have raised concerns about the safety and reliability of the exchange. Customers who have been affected by the withdrawal freeze are advised to contact the company directly and seek assistance from relevant authorities if necessary.