CatCoin, a memecoin project, has issued a warning to cryptocurrency exchange BitForex regarding difficulties with the withdrawal of CatCoin (CAT) tokens. The warning, delivered via X, signals potential legal action against BitForex and its former CEO, Jason Luo, if the issues are not promptly addressed.

While the exact nature of the grievances remains undisclosed, the language used by CatCoin suggests serious concerns that the project is eager to resolve through legal means. Despite repeated attempts to communicate with BitForex, CatCoin claims to have received no response, prompting them to issue a public notice as a final attempt to seek resolution.

In their notice, CatCoin's team urged BitForex to engage with them via a designated email address, highlighting this as a final opportunity to resolve the matter before considering further escalation. Additionally, they called for the intervention of the Hong Kong Police Force to address the issues with BitForex and Luo.

Criticism was directed at BitForex for potentially damaging the reputation of the cryptocurrency industry, with CatCoin's team urging prominent influencers to denounce the exchange's actions and advocate for resolution.

BitForex's sudden shutdown in February 2024, shortly after Luo's resignation as CEO, left users perplexed about the fate of their assets. Despite Luo's resignation, CatCoin alleges that he continues to exert control over BitForex's operations, despite the platform's inactivity.

The sudden shutdown impacted multiple parties, including CatCoin, leading to frustration among users seeking clarification from BitForex. Despite complaints expressed on various platforms, BitForex has not provided an explanation for its shutdown.

Previously, BitForex faced scrutiny from Japan's Financial Services Agency (FSA) in April 2023 for allegedly violating the country's fund settlement laws by operating without proper registration.