Dangerous maneuvers in the cryptocurrency market: Is BitForex platform another “exit scam”?

The Uncertainty of the Cryptocurrency Market – BitForex Platform Under Scrutiny

The cryptocurrency market is currently concerned about the actions of the BitForex platform, indicating the possibility of an “exit scam” – a sudden disappearance of the platform operators along with users’ funds. The lack of communication from the BitForex team additionally raises uncertainty about the future of this cryptocurrency exchange.

Alarming Signs Detected by ZachXBT

ZachXBT, a renowned online detective, has unveiled concerning behavior by BitForex, reporting a withdrawal of funds from hot cryptocurrency wallets totaling about $56.5 million. The halt in withdrawals has caused confusion and worry among users.

Control Over the Available Supply of Tellor (TRB) and Ecomi (OMI)

BitForex controls a significant portion of the available supply of Tellor (TRB) and Ecomi (OMI), increasing the potential impact of their actions on the cryptocurrency market. Despite the lack of communication since February 21, 2024, the X BitForex account remains active, raising suspicions, especially since a lack of social media activity typically precedes an “exit scam.”

Caution and the Need for More Information

Despite speculation about a potential “exit scam,” ZachXBT advises caution, emphasizing the need for more information before drawing conclusions. In 2023, 306 “exit scams” were recorded in the cryptocurrency industry, amounting to over $152.7 million of users’ funds. “Exit scams” are common in the decentralized and loosely regulated cryptocurrency industry, often leaving investors with nothing.