Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
Hong Kong’s SFC warns public about suspected fraud at cryptocurrency exchange Bitforex
Share
Facebook Twitter LinkedIn Pinterest Email

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

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Elon Musk, SpaceX And Crypto Hype: What’s Really Going On?

June 28, 2025

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Elon Musk, SpaceX And Crypto Hype: What’s Really Going On?

June 28, 2025

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025
Most Popular

Security Alert — Chromium Vulnerability Affecting Mist Browser Beta

March 13, 2024

Getting started with the new ethereum.org | Ethereum Foundation Blog

February 29, 2024

What happens after Solana (SOL) yearly highs?

December 19, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.