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Crypto exchange Bitforex has come under scrutiny recently following suspicious activity involving its hot wallets.

Suspicious Activity Detected on Crypto Exchange Bitforex

On February 23, the exchange's hot wallets saw an outflow of approximately $56.5 million. Withdrawals were stopped shortly after this development and no official statement has been made since then.

Users turned to platforms like X and Telegram in an attempt to get a response from the Bitforex team. In addition to this situation, Bitforex CEO resigned from his position a month ago.

Bitforex is known to hold a significant portion of certain cryptocurrencies. It holds 18% of TRB supply and 7% of OMI supply.

The sudden halt in withdrawals and Bitforex's lack of communication has sparked concerns among its users and the broader crypto community.

The following wallets associated with Bitforex are currently under observation:

0xdcacd7eb6692b816b6957f8898c1c4b63d1fc01f 3DbbF7yxCR7ni94ANrRkfV12rJoxrmo1o2 TQcnqaU4NDTR86eA4FZneeKfJMiQi7i76o

This situation reminds us of the risks associated with cryptocurrency exchanges and the importance of transparency and communication in maintaining user trust.

As the situation unfolds, users and investors are advised to monitor these wallets and stay informed of any announcements from Bitforex.

*This is not investment advice.

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