BitForex Team Finally Breaks Silence After Five Months of Shutdown: What’s Next?

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As a long-term crypto investor with several years of experience under my belt, I have seen my fair share of ups and downs in this volatile market. However, the recent news about BitForex exchange being shut down for investigations and now reopening only for asset withdrawals has left me feeling uneasy and frustrated.

The BitForex team announced in an official statement that they had to halt their operations back in February following a police investigation which led to the detention of some team members. At present, users are permitted to withdraw their assets from the platform; however, the operations themselves will not be resumed.

BitForex exchange reopens soon, enables withdrawals after five-month hiatus, official statement says

Beginning on February 23, 2024, the BitForex exchange team announced a halt to their operations due to investigations and detainment by the Jiangsu Province police in China. An official statement was released following their disappearance in February.

Dear Valued Bitforex Users,

We deeply regret any inconvenience or worry you may have experienced recently. On February 23, 2024, members of the Bitforex team were suddenly taken into police custody for investigation in Jiangsu Province, China. Regrettably, this sudden turn of events disrupted our operations and caused the platform to become unavailable.

— BitForex (@bitforexcom) July 19, 2024

Due to the delicacy of the situation, the exchange representatives found it challenging to provide prompt updates. Meanwhile, users encountered login issues and received notifications regarding account restrictions on the platform.

By mid-July, the team successfully obtained permission from the law enforcement agencies to restart the exchange, but only in a withdraw-mode. No trading activities or new deposits would be accepted.

During the withdrawals campaign, we’ll pause new registrations. Perpetual contract holders must undergo KYC processes once more, according to the announcement.

The specific date for initiating the withdrawal campaign has not been disclosed as of now, however, we are confident that it will happen relatively soon for our long-standing clients.

Before its closure by law enforcement, this cryptocurrency exchange placed among the top 30 exchanges based on daily trading volume. The on-the-spot market segment saw a staggering $2 billion in transactions each day as early as 2024.

Scam alert: No, you cannot get your BitForex funds back today

On February 23, 2024, exchange activities came to a sudden halt without any advance warnings. However, before this unexpected event, there had been a notable $57 million transfer from BitForex’s hot wallet.

The exchange is among the largest custodians of Tellor (TRB) cryptocurrency, a digital token associated with the Tellor oracle network’s blockchain. Intriguingly, the TRB value surged nearly fourfold within a three-week span preceding BitForex’s closure. Prior to the team going missing, the exchange CEO had stepped down from his position.

BitForex remains the largest holder of OMI micro-cap that pumped by 100% in January 2024.

BitForex’s reps emphasized that the official recovery process through their main website is the legitimate method for regaining access to assets in accounts. Thus, users are advised to steer clear of fraudsters attempting to provide “urgent” crypto withdrawals outside of the established timeline.

The announcement of potential withdrawals for BitForex Token (BF), the native cryptocurrency of the defunct exchange, resulted in a mere 4% increase in value.

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2024-07-20 17:40