CatCoin BitForex Token withdrawal requires resolution, hints at lawsuit
Cryptocurrency exchange BitForex has received a warning from the memecoin project CatCoin. The warning addresses issues related to the withdrawal of CatCoin (CAT) tokens.
CatCoin representatives have issued a warning against X, threatening to take legal action against BitForex and former CEO Jason Luo if their complaints are not addressed.
Specific details about the nature of the complaint have not been disclosed, but the strong language used suggests serious underlying issues that Catcoin is eager to resolve through legal means if necessary.
Despite several attempts to connect to BitForex, CatCoin claims to be connected quietly. In a last ditch bid to solve the problem, the memecoin project team issued a public notice.
The CatCoin team urged BitForex to respond to their complaints via a designated email address, showing a last-ditch effort before escalating the issue further.
Moreover, the CatCoin team has requested the intervention of the Hong Kong police force to solve the problems with BitForex and Luo.
The group criticized BitForex for damaging the reputation of the crypto industry and called on prominent crypto influencers to condemn the exchange's actions and resolve the ongoing dispute.
In February 2024, BitForex went offline less than a month after Luo was downloaded. The sudden shutdown left users confused and worried about the fate of their assets.
In the release, Luo expressed his desire to support the company in the future.
Related: Hong Kong suspends license applications for crypto exchanges
According to the CatCoin team, Luo will continue to play an important role in BitForex's operations despite his resignation as CEO. Although the platform has been inactive for the past few months, Luo claims to be monitoring the exchange's activity.
From February 21, the X account of the exchange “What are the main crypto projects in 2024?” I haven't woken up since it was posted.
The CatCoin Group is among the many parties affected by BitForex's sudden and unexplained shutdown. Despite numerous complaints, including those expressed on the exchange's official Telegram channel, BitForex has yet to explain the shutdown, leaving users frustrated and looking for answers.
As of September 2023, BitForex was one of the leading global crypto exchanges by capitalization. The daily trading volume in crypto stands at about $2.6 billion. Currently, CoinMarketCap does not provide live data on BitForex.
In April 2023, Japan's Financial Services Agency accused BitForex of violating the country's fund settlement laws. According to the FSA, the exchange has been operating without proper registration in the country.
Magazine: How the Digital Yuan Will Change the World… For Good or Bad
