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Home»ADOPTION NEWS»Hong Kong’s SFC warns public about suspected fraud at cryptocurrency exchange Bitforex
ADOPTION NEWS

Hong Kong’s SFC warns public about suspected fraud at cryptocurrency exchange Bitforex

By Crypto FlexsMarch 5, 20242 Mins Read
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Hong Kong’s SFC warns public about suspected fraud at cryptocurrency exchange Bitforex
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Hong Kong Securities and Futures Commission (SFC), BitForex, virtual asset fraud, cryptocurrency exchange, investor protection, suspicious activity, regulatory compliance, user complaints, hot wallet leaks.

Hong Kong’s Securities and Futures Commission (SFC) issued an advisory to the public regarding cryptocurrency exchange Bitforex, raising suspicions of virtual asset fraud. The warning comes amid growing concerns about exchange operations and its ability to process user withdrawals.

According to a statement from the SFC, Bitforex is not licensed or registered to offer any regulated activity in Hong Kong. The regulator received several complaints from investors who were unable to withdraw their funds from the platform, raising suspicions of fraudulent activity.

The SFC’s warning follows recent findings from blockchain investigator ZachXBT, which reported an outflow of approximately $56.5 million from Bitforex’s hot wallets on February 23. Soon after the significant breach occurred, users started experiencing withdrawal issues, which remain unaddressed without any official announcement. exchange.

Bitforex’s lack of communication has increased uncertainty among its user base, with many taking to social media platforms to demand answers and express concerns about the safety of their funds. The exchange’s CEO stepped down from his position just a month before the current problems broke out, further adding to concerns surrounding the platform.

Bitforex holds a significant portion of the Tellor (TRB) and ECOMI (OMI) token supply. The exchange’s wallets are closely monitored by the cryptocurrency community for any additional suspicious activity.

The SFC’s warning serves as a reminder of the risks associated with unregulated cryptocurrency exchanges and the importance of conducting thorough due diligence before investing in virtual assets. Regulators urge investors to exercise caution when engaging in cryptocurrency-related activities and only transact with licensed or registered entities.

The SFC encourages anyone who has invested in Bitforex or has been affected by suspected fraudulent activity on the exchange to contact the regulator and provide relevant information to assist in the investigation.

Bitforex’s current situation highlights the need for increased regulatory oversight of cryptocurrency exchanges. As more investors enter the market, it is important that authorities take proactive steps to protect consumers and prevent fraudulent activity.

Image source: Shutterstock

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