BitForex, a cryptocurrency exchange, has come under scrutiny after approximately $56.5M was withdrawn from its hot wallets on February 23, 2024. Following these withdrawals, the exchange ceased processing further withdrawals and has not issued any official statements or explanations regarding the incident. The lack of communication has raised suspicions among users and observers alike. Subsequently, BitForex's website became inaccessible, leading to speculations of an exit scam. Investigations and reports from various sources, including ZachXBT and CoinDesk, have highlighted the situation, with users left in the dark about their funds.