ZachXBT, an On-chain detective, in its latest claim, highlighted that some suspicious activity going around a crypto exchange, Bitforex. The online sleuth seems to be very doubtful about the exchange’s recent transactions and actions as stressed investors look confused.
All eyes on this crypto exchange
According to ZachXBT, Bitforex made several huge transactions amid erupting uncertainties among crypto holders. It mentioned that on February 23, 2024, the exchange’s hot wallets registered an outflow of around $56.5 million.
He added traders were unable to withdraw their crypto holdings from the exchange without no official announcements. However, the $56.5 million mega transfer took place before this withdrawal disruption.
It is important to note that one month ago their CEO stepped down and now these dubious things are taking place. In a letter, Jason wrote that he has decided to step down but a new leadership team is set to take the reins.
The On-chain detective stated that users are now asking questions, and raising queries on the exchange’s X and Telegram channels in order to get a response from the team. However, a much needed announcement is still yet to be made.
What’s happening?
A user wrote that On Feb 23, the exchange suddenly shut down without any prior notice. He added that a week prior to this spread, Bitforex’s volume was horribly off. The admin of the groups kept telling the users that it was just a maintenance issue.
He added that as of now, admins have gone silent and they have changed their usernames. However, no one can get in touch with anyone from the exchange.
ZachXBT gave out wallets linked to the exchange which needs to be monitored. Here are the wallet addresses, 0xdcacd7eb6692b816b6957f8898c1c4b63d1fc01f, 3DbbF7yxCR7ni94ANrRkfV12rJoxrmo1o2, TQcnqaU4NDTR86eA4FZneeKfJMiQi7i76o.
The online sleuth stated that Bitforex holds around 18% of the Tellor (TRB) and 7% of the ECOMI (OMI) tokens.
As we dig in, TRB price is marginally up in the last 24 hours. TRB is trading at an average price of $114,99, at the press time. Its 24 hour trading volume is up by 8% to stand at $33.8 million. Its market cap now stands at $33.37 million.
ECOMI (OMI) price dropped by 10% in the last 24 hours. It is trading at an average price of $0.00076, at the press time. OMI’s 24 hour trading volume jumped by 7% to stand at around $1 million. This token is holding around a market cap of $202 million (as reported).
