- CatCoin has issued a public warning to cryptocurrency exchange BitForex, threatening legal action over unresolved withdrawal issues.
- The memecoin project has requested the intervention of the Hong Kong Police to address its grievances with BitForex and its former CEO.
- Despite stepping down, Jason Luo is alleged by CatCoin to still influence BitForex’s operations, amid the exchange’s recent unexplained shutdown.
The cryptocurrency exchange BitForex has come under fire from the CatCoin project, which has publicly threatened legal action due to unresolved issues regarding the withdrawal of CatCoin (CAT) tokens. The memecoin project expressed its frustration on the social media platform X, specifically targeting both the exchange and its former CEO, Jason Luo, with threats of litigation if the matter remains unaddressed.
Despite numerous attempts by CatCoin to engage with BitForex, the project claims to have been consistently ignored. In an effort to expedite a resolution, CatCoin has issued a final public notice urging BitForex to respond via a designated email, marking a crucial step before potential legal escalation.
Adding to the complexity of the situation, CatCoin has sought the assistance of the Hong Kong Police Force, hoping for intervention in what has become a contentious dispute. The project’s representatives have criticized BitForex for damaging the reputation of the cryptocurrency industry and have called on prominent figures in the crypto world to advocate for resolving the ongoing issues.
Different Kind of Cat Call
BitForex’s troubles compound with a mysterious shutdown in February 2024, which occurred shortly after Luo’s resignation. Despite his departure, CatCoin alleges that Luo continues to exert control over the exchange’s operations. This has raised concerns among users, especially as the exchange went dark without explanation, leaving many in limbo regarding the status of their assets.
In the past, BitForex was a significant player in the global cryptocurrency market, boasting a daily trading volume of approximately $2.6 billion as of September 2023. However, its reputation has been marred by regulatory issues, including accusations from Japan’s Financial Services Agency of operating without proper registration.
The current standoff between CatCoin and BitForex highlights ongoing challenges within the cryptocurrency exchange industry, where regulatory and operational transparency remain critical concerns for investors and users alike. As the situation unfolds, the cryptocurrency community watches closely, awaiting BitForex’s response to the mounting pressure and legal threats.
