In a recent development, the team behind CatCoin, a memecoin project, has issued a warning to cryptocurrency exchange BitForex, urging them to address issues related to the withdrawal of CatCoin (CAT) tokens. The warning, posted on X, threatens legal action against BitForex and its former CEO, Jason Luo, if their grievances are not addressed promptly.

According to the CatCoin team, despite numerous attempts to contact BitForex, they have been met with silence, prompting them to take this public stance. The team has urged BitForex to respond to their grievances via a designated email address, marking a last-ditch effort before potentially escalating the matter further.

Furthermore, CatCoin's team has also requested the intervention of the Hong Kong Police Force to address the issues with BitForex and Luo. The team has criticized BitForex for harming the crypto industry's reputation and has called on prominent crypto influencers to denounce the exchange's alleged actions and advocate for a resolution to the ongoing dispute.

The sudden shutdown of BitForex in February 2024, less than a month after Luo stepped down as CEO, has left users confused and concerned over the fate of their assets. Despite his official resignation, the CatCoin team claims that Luo remains in control of the exchange's activities, which has been inactive for several months.

The exchange's X account has not been active since February 21, and despite numerous complaints, including those expressed on the exchange's official Telegram channel, BitForex has yet to explain its shutdown, leaving users frustrated and seeking answers.

In September 2023, BitForex was among the leading global crypto exchanges by capitalization, with a daily trading volume of approximately $2.6 billion in crypto. However, its sudden shutdown has raised concerns among users, and the CatCoin team is among multiple parties impacted by the exchange's unexplained shutdown.

The dispute between CatCoin and BitForex highlights the need for transparency and accountability in the cryptocurrency industry. As the industry continues to evolve, it is essential for exchanges and projects to prioritize communication and resolve issues promptly to maintain trust and confidence among users.

The warning issued by CatCoin to BitForex serves as a reminder of the importance of accountability and transparency in the cryptocurrency industry. The dispute highlights the need for exchanges and projects to prioritize communication and resolve issues promptly to maintain trust and confidence among users. As the industry continues to evolve, it is likely that we will see more emphasis on transparency and accountability to ensure the growth and development of the cryptocurrency market.