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BitForex, a cryptocurrency alternate primarily based in Hong Kong, has all of a sudden stopped working, leaving its customers scared and confused. On February 23, the alternate shut down all its operations with none discover or cause, and has not responded to any queries or messages since then.
Potential Rip-off
Many customers worry that BitForex has vanished with their cash, as giant quantities of digital foreign money have been seen leaving the alternate’s on-line wallets earlier than it closed. In addition they say that they will’t log in to their accounts, and a few even say that their balances have been worn out and their messages erased from the platform’s Telegram channel.
BitForex has not given any replace or rationalization to its customers, making them extra anxious about their funds.
The shutdown has additionally affected the OMI token, a cryptocurrency linked to VeVe, an enormous NFT market. Since BitForex had a number of OMI tokens, the token’s worth has dropped by greater than 88%.
Furthermore, the BitForex web site is now largely blocked, with just a few assist pages nonetheless accessible.
BitForex’s Historical past
BitForex has garnered a fame for untrustworthiness resulting from allegations of unlawful operations and quantity inflation. In response, a Telegram group dubbed “Scammed by BitForex” has emerged, serving as a platform for customers to share their grievances and search restitution for his or her losses.
Some BitForex customers have lodged complaints with authorities, whereas additionally encouraging fellow victims to observe go well with and share this data throughout varied channels.
In the meantime, governments and monetary regulators just like the Securities and Alternate Fee (SEC) have been making an attempt to combat digital assets-related scams and assaults. As an illustration, the SEC has been educating buyers how one can spot and keep away from fraudulent crypto sellers.
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