Sirwin
Sirwin

BitForex Potential Rug Pull on Consumers with Withdrawal Suspension Condition

By Novasky | DevPress | 27 Feb 2024


Any forex trading company that gets into crypto and then gets people to trade on their platform has all the signs of the scam written all over their face. And this also means that potential rug pull that comes after such companies go down makes you say - I told you so. Such type of the companies are dime a dozen. You may find them in plenty of numbers with their address in Singapore or maybe even inn Dubai. They just move from one place to another evading the govt and laws of the world. 

You can see the BitForex is also going in that direction. They had the withdrawal issues. And they have their social media inactive for a long time for now and there are some of the investigative accounts on twitter covering this. 

244832287622cde22f233eb900bcc5e3bb6888be0f22d8c24085068072b97801.png

ZachXBT is one such account which has done the digging with the content and also for the fund transfer data. You may notice that the CEO stepped down, social media accounts down and also lot of money being moved by multiple accounts from their wallets. And so the suspension of the withdrawals was meant to happen. And that is where the trigger for the withdrawal happened. 

Lesson to learn: Don't just join any exchange and do your trading. Most of the forex trading websites are fake or are unregulated and kind of surviving till the next rug pull. When it comes to trading, you have to go to the sources which are centralized as they can be held responsible for the investment and the losses that happen in the terminal. So better to avoid such type of random trading websites who are into crypto trading. 

One more thing is that make sure to do the background check and not keep your KYC data with any random crypto exchange. You never know who would be out there spying on your funds and the account. Let's hope that people wake up and take out their funds out of such rogue trading terminal and the networks. 

You can check out the BitForex 

How do you rate this article?

23


Novasky
Novasky

Crypto Blogger and Open Source Developer.


DevPress
DevPress

Blockchain Gaming. Crypto Education, News, Tutorials and Everything Money.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.