On July 19, BitForex, a cryptocurrency exchange that disappeared for 5 months, posted a message on the X platform, apologizing to users and briefly explaining the reasons for the disappearance of the exchange.
It is understood that BitForex is a digital asset trading platform founded in 2018. It provides trading pairs of various cryptocurrencies and supports multilingual interfaces. BitForex's headquarters is allegedly located in Singapore.
Before BitForex went offline, the funds in its hot wallet amounted to nearly $57 million. BitForex said that after returning the assets to users, it will stop all operations and conduct "comprehensive rectification."
On February 23, 2024, the Bitforex team was detained and investigated by the police in Jiangsu Province, China. Then it started a 5-month shutdown status. The latest news is that after 5 months of police investigation, BitForex will go back online to process withdrawals.
The exchange said in the X post that trading and deposits will continue to be suspended, but withdrawals will be open for customers who have completed (KYC) verification. Users can withdraw assets on the platform to designated individuals or external third-party wallets. Users holding perpetual contract positions are required to provide KYC documents, including passport, phone number, and other identification information required for withdrawals.
