Cryptocurrency exchange BitForex experienced a significant security incident, with approximately $56.5 million withdrawn from its hot wallets on February 23. Following the withdrawals, the exchange ceased processing further withdrawals and has since become unresponsive to user inquiries. The website of BitForex has also gone offline, leaving many to speculate about the reasons behind these actions. Investigations into the matter have been reported, but no official statement has been released by BitForex or its CEO regarding the situation as of February 26, 2024. The incident has led to widespread concern among users and observers, with some labeling it as a potential exit scam.