BitForex, a Hong Kong-based crypto exchange, has completely shut down its operations, suspending its website and trading application on February 23. Users have been unable to withdraw funds or access the exchange for several days, despite it having over $2 billion in trading volume as of February 24.

CoinGecko data indicates a drastic decline in trading volume from $2.5 billion to $1 billion between February 22 and 24 before stabilizing. However, normalized data suggests that the exchange may have exaggerated its volumes by up to 100 times, taking into account web traffic statistics.

On February 23, crypto investigator ZachXBT reported approximately $56.5 million in outflows from BitForex’s hot wallets, followed by a cessation of withdrawals without any official communication from the exchange. Further scrutiny of BitForex’s holdings reveals a significant stake in TRB and OMI token supplies, owning 18% of TRB and 7% of OMI.

Users seeking answers via platforms like Telegram are met with uncertainty, especially considering the CEO's resignation a month prior. The sudden leadership change, combined with recent events, raises serious doubts about the exchange’s stability. On-chain activity for BitForex's native BF token has been minimal, with only about $2,000 moved within the past 11 days.

The lack of updates on CoinmarketCap for over 65 hours indicates dwindling Ethereum and Bitcoin trading volume. The exchange's official Telegram channel remains inactive, with one admin deleting their account and others failing to respond to posts since at least February 21. With communication halted across various platforms, users with funds trapped on the exchange are understandably concerned.