ZachXBT Has Spotted Suspicious Behavior On BitForex Crypto Exchange

  • ZachXBT has spotted suspicious activity on the BitForex cryptocurrency exchange.
  • BitForex’s hot wallet experienced an outflow of approximately $56.4 million on February 23.
  • BitForex users complain over the inability to make withdrawals and lack of responses from the team.

ZachXBT, a pseudonymous on-chain researcher on X, has spotted suspicious activity on the BitForex cryptocurrency exchange. In a recent post, the self-described “2D detective” outlined some events that led to BitForex users questioning the crypto exchange team.

According to the on-chain researcher, BitForex’s hot wallet experienced an outflow of approximately $56.4 million on February 23. He noted that shortly after the significant outflow, withdrawals from the exchange stopped processing.

ZachXBT explained withdrawals had not resumed on the exchange as of making his post. Following the development, users are asking questions on X and the exchange’s Telegram channel, and the team has yet to respond to any of the questions.

One user who messaged ZachXBT noted that admins in the BitForex Telegram group initially claimed the issue was because of ongoing maintenance. However, he reported the admin has now changed her username and gone silent, with users unable to reach anyone from the exchange.

In the meantime, ZachXBT noted that the BitForex CEO had stepped down one month ago. He also highlighted that the crypto exchange held 18% of the TRB coin supply and 7% of the OMI total supply.

TRB’s price activity did not show any signs of an impact from the BitForex development as of the time of filing this report. Data from TradingView shows the crypto coin’s low volume remained consistent with its condition since dropping significantly at the beginning of the year. TRB traded for $115.39, with no significant price change in the past three days.

Contrary to TRB’s behavior, OMI price has continued downward for nearly one week. The crypto coin embarked on a swift fall from February 21 and has lost over 35% of its original value after dropping from $0.00118. OMI traded for $0.00076 at the time of writing, according to data from TradingView.

There was no official statement from the BitForex team while filing this report. However, users continued questioning them via various channels, including the exchange’s social media accounts.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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