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Commercial Crime Bureau to Investigate BitForex Disappearance

March 18, 2024
in Business
Commercial Crime Bureau to Investigate BitForex Disappearance
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http://fullycrypto.com/

By Mark Hunter

1 hour agoMon Mar 18 2024 10:22:17

Commercial-Crime-Bureau-to-Investigate-BitForex-Disappearance

Reading Time: 2 minutes

Hong Kong’s Commercial Crime Bureau has initiated an investigation into the disappearance of the exchange BitForex
The exchange has seemingly vanished having withdrawn $57 million in customer deposits
Armchair detectives are attempting to locate former BitForex CEO Jason Luo, who resigned in January, shortly before the exchange’s sudden closure

Hong Kong’s Commercial Crime Bureau is “looking into” the apparent exit scam conducted by BitForex. DL News recently reported that the bureau is investigating the goings on at the exchange, which has not made any public comments since halting withdrawals three weeks ago. Meanwhile, armchair detectives are trying to locate former BitForex CEO Jason Luo, who stepped down from his role at the end of January, weeks before the exchange went dark.

$57 Million Withdrawn from Exchange

Bitforex halted withdrawals around February 27, with blockchain sleuths discovering that $57 million had been moved from the exchange’s hot wallets in the days prior. The exchange’s last X post was February 21, since when no communication of any sort has been forthcoming.

Trying to access the site now appears to be blocked, with attempts returning a security message:

bitforex

The Commercial Crime Bureau (CCB) is a division within the Hong Kong Police Force responsible for investigating and combating commercial crime. Its primary focus includes offenses such as fraud, money laundering, corruption, and cybercrime related to commercial activities, making it the primary agency to investigate what is happening at Bitforex.

Hong Kong’s securities and futures markets regulator has already issued a public warning about cryptocurrency exchange BitForex for suspected fraud.

Former CEO Under Suspicion

Attention has also turned to Jason Luo, who stepped down as CEO on January 31. Luo gave no reasons for his departure having spent six years at the helm, but claimed that the exchange was in good hands:

I have boundless confidence in BitForex’s future. In the ever-evolving tide of the cryptocurrency market, we have the opportunity to continue leading and achieving even more brilliance. The future of the crypto market is filled with limitless possibilities, and BitForex will be a steadfast pillar in this transformative journey.

The fact that Bitforex appears to have collapsed less than a month after Luo’s departure has not been missed by those following the case, and it’s no surprise that he hasn’t been heard from since he left the company.

Hopefully, the involvement of the authorities will allow greater scrutiny of the operations of the exchange and will encourage customers that not all is lost.

>>> Read full article>>>
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