BitForex, a cryptocurrency exchange, has temporarily suspended withdrawal services and is not responding to user queries. 

A cryptocurrency exchange based in Hong Kong, BitForex, has unexpectedly suspended withdrawal services for a minimum of three days. The exchange provided no explanation for this sudden halt. On the day preceding the suspension, approximately $56 million worth of cryptocurrencies were withdrawn from BitForex's wallets.

In a post on February 23rd, cryptocurrency analyst ZachXBT noted that three of BitForex's hot wallets experienced outflows totaling around $56.5 million just before the exchange ceased transaction processing. Users raised concerns about suspicious activity, with withdrawals abruptly halting and no official announcements from BitForex since then.

The exchange's X account has not been updated since May 2023, and users on its official Telegram channel reported various issues, including difficulty accessing their accounts and dashboards not displaying assets. Some users encountered pop-up screens indicating they were blocked from the company's website.

Attempts to access the BitForex website by Cointelegraph also faced the same issues. While some specific pages on the exchange's website remain live, such as a January 31 announcement about the departure of CEO Jason Luo, the overall website is inaccessible.

In September 2023, BitForex ranked among the top global crypto exchanges in terms of capitalization, with a daily trading volume of approximately $2.6 billion in cryptocurrencies. However, CoinMarketCap currently does not provide live data on BitForex.

Notably, in April 2023, Japan's Financial Services Agency (FSA) accused BitForex of violating the country's fund settlement laws due to conducting business without proper registration. Despite this, BitForex has not attracted significant regulatory attention or media coverage since then.

Recent events in the Hong Kong cryptocurrency space include Atom Asset Exchange (AAX) moving $55.6 million worth of Ether from its wallets and subsequently ceasing operations in November 2022, just two days after FTX filed for bankruptcy. AAX's former CEO and board member were arrested, but the founder remains unidentified and allegedly on the run with $29.41 million worth of users' funds and private keys providing access to exchange wallets.

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