CatCoin Issues Legal Warning to BitForex Over Withdrawal Issues Amid Exchange's Sudden Shutdown
Summary:
Community-based crypto project, CatCoin, issues a stern warning to cryptocurrency exchange BitForex and its ex-CEO, Jason Luo, about withdrawal-related issues with CAT tokens and threatens legal action if grievances are not addressed. CatCoin seeks intervention from the Hong Kong Police Force and calls on prominent crypto influencers to denounce BitForex's alleged actions. This comes after BitForex's unexpected shutdown in February 2024, post Luo's resignation, leaving user investments at stake. CatCoin alleges Luo continues to control BitForex's activities.
In a recent development, BitForex, a digital currency exchange platform, has been given an alarm from community-led and meme culture centered crypto project, CatCoin (CAT). The alert revolves around some withdrawal-related problems with CAT tokens and serves to draw attention to potential deficiencies. Representatives from CatCoin have issued grave warning, using social media platform X to imply the possibility of filing a lawsuit against BitForex and its former CEO, Jason Luo, should their concerns be neglected. The nature of these concerns is unspecified, but serious issues are implied by the gravity of the language used. Although CatCoin has made several attempts to connect with BitForex, it claims to have only encountered silence from the other end. As a last resort, CatCoin's team issued a public notification prompting BitForex to address the concerns emailed to them, a vital move before considering any legal escalation. Furthermore, the involvement of the Hong Kong Police Force has been requested by CatCoin to help resolve the conflict with BitForex and Jason Luo. BitForex has been lambasted by the team for tainting the reputation of the crypto industry and they sought after leading crypto influencers to denounce the alleged activities of the exchange and call for a peaceful solution to the ongoing feud. The abrupt closure of BitForex in February 2024, not long after the resignation of its CEO, Jason Luo, left users both dumbfounded and worried for their investments. During his resignation speech, Luo expressed his wish to continue to contribute to the company using his expertise. CatCoin, however, believes that Jason Luo still plays a crucial part in BitForex operations despite resigning officially as CEO, implying that he still controls the company's activities. BitForex's X account has been dormant since February 21 when it posted about the top cryptography projects of 2024. CatCoin team along with many others was affected by BitForex's abrupt shutdown which lacked a reasonable explanation, causing users to feel exasperated while seeking answers. BitForex was one of the leading global crypto exchanges in September 2023, with a daily trading volume of approximately $2.6 billion in cryptocurrencies. Today, CoinMarketCap no longer provides live data for BitForex. The Financial Services Agency in Japan alleged in April 2023 that BitForex had contravened the nation's fund settlement laws, claiming the exchange had been doing business in Japan without proper registration.
Published At
5/24/2024 3:17:05 PM
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