Hong Kong-based cryptocurrency exchange BitForex has abruptly ceased operations, with its website and trading application becoming inaccessible on February 23.

The shutdown follows an outflow of approximately US$56.5 million in cryptocurrencies from the exchange’s wallets, as reported by online detective ZachXBT.

The sudden departure of CEO Jason Luo a month prior and the current lack of communication from the exchange have left users unable to withdraw funds and concerned about the platform’s stability.

BitForex, which previously boasted over US$2 billion in trading volume, is now under scrutiny for potentially staging an exit scam—a fraudulent practice where operators abscond with users’ assets.

BitForex’s official Telegram channel has gone silent, and its last social media update was posted on February 21.