Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
On February 23, 2024, Hong Kong-based cryptocurrency exchange BitForex was suspected of an exit scam after approximately $56.5 million in suspicious fund outflows were detected across multiple blockchains. The platform subsequently restricted access. On-chain investigator ZachXBT was the first to notice irregularities in withdrawals, highlighting that the exchange had ceased processing withdrawals and failed to respond to customers. In mid-2023, the company faced regulatory scrutiny in Japan for operating without a license and was accused of inflating trading volumes. Its CEO resigned in January, promising a new team would take over. On July 19, BitForex updated the situation on X, stating that platform access was disrupted due to unforeseen events and that it would reopen soon. Attack method (per SlowMist): Unknown. Reported loss: $ 56,500,000.
- chain
- —
- protocol
- BitForex
- bug_class
- rug
- date_occurred
- 2024-02-23
- loss_usd
- $56,500,000
- source_id
- sm:bitforex::2024-02-23