The CatCoin team implored BitForex to address their concerns through a specific email channel, representing a final attempt before considering further action.
BitForex, a cryptocurrency exchange, has received a warning from CatCoin, a memecoin project, regarding concerns over the withdrawal process of CatCoin (CAT) tokens. CatCoin representatives have issued a stern warning, indicating potential legal action against BitForex and its former CEO, Jason Luo, if the issues are not promptly addressed.
Although the specifics of the grievances were not disclosed, the language used suggests significant concerns on the part of CatCoin. Despite repeated attempts to communicate with BitForex, CatCoin claims to have been met with silence. In a final attempt to resolve the matter, CatCoin’s team has issued a public notice, urging BitForex to respond to their concerns via a designated email address, marking a final effort before considering further escalation.
Additionally, the CatCoin team sought assistance from the Hong Kong Police Force to resolve the matters involving BitForex and Luo.
The team condemned BitForex for damaging the reputation of the crypto industry and urged notable crypto influencers to condemn the exchange’s purported actions and push for a resolution to the ongoing conflict.
BitForex abruptly went offline in February 2024, shortly after its CEO Luo resigned. This unexpected shutdown left users uncertain and anxious about the safety of their assets.
In his resignation announcement, Luo stated his commitment to continuing to support the company in the future.
The CatCoin team asserts that despite officially resigning as CEO, Luo still wields significant influence over BitForex’s operations. They allege that even though the platform has been inactive for several months, Luo maintains control over its activities.
BitForex’s X account last showed activity on Feb. 21 with a post asking about the leading encryption projects of 2024. Since then, the exchange has remained dormant, prompting frustration and unanswered questions from users, including those expressed on the official Telegram channel.
BitForex was a prominent global crypto exchange in September 2023, boasting a daily trading volume of approximately $2.6 billion. However, CoinMarketCap currently does not provide real-time data on BitForex, exacerbating uncertainty surrounding its status.
In April 2023, Japan’s Financial Services Agency accused BitForex of breaching the country’s fund settlement laws by operating without proper registration.
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