CatCoin demands BitForex resolve token withdrawals, hints at lawsuit

Must read

The CatCoin team urged BitForex to respond to its grievances via a designated email address, marking a last-ditch effort before potentially escalating the matter further.

584 Total views

2 Total shares

CatCoin demands BitForex resolve token withdrawals, hints at lawsuit

Own this piece of crypto history

Collect this article as NFT

Cryptocurrency exchange BitForex has received a warning from the memecoin project CatCoin. The warning pertains to issues related to the withdrawal of CatCoin (CAT) tokens.

CatCoin representatives issued a warning on X, threatening to take legal action against BitForex and its former CEO, Jason Luo, if their grievances are not addressed.

Specific details regarding the nature of the grievances were not disclosed, but the strong language used suggests serious underlying issues that CatCoin is eager to resolve through legal channels if necessary.

Despite numerous attempts to contact BitForex, CatCoin claims to have been met with silence. In a final bid to resolve the issue, the memecoin project’s team issued a public notice.

The CatCoin team urged BitForex to respond to their grievances via a designated email address, marking a last-ditch effort before potentially escalating the matter further.

Source: CatCoin

Moreover, CatCoin’s team also requested the intervention of the Hong Kong Police Force to address the issues with BitForex and Luo.

The team criticized BitForex for harming the crypto industry’s reputation and called on prominent crypto influencers to denounce the exchange’s alleged actions and advocate for a resolution to the ongoing dispute.

In February 2024, BitForex went offline less than a month after its Luo stepped down. The sudden shutdown left users confused and concerned over the fate of their assets.

In his resignation statement, Luo expressed his intention to support the company going forward.

Related: Hong Kong ends license application drive for crypto exchanges

According to the CatCoin team, Luo plays a significant role in BitForex’s operations despite his official resignation as CEO. It claims that Luo remains in control of the exchange’s activities despite the platform’s inactivity over the past few months.

The exchange’s X account has not been active since Feb. 21, when it posted: “What are the top encryption projects in 2024?”

The CatCoin team is among multiple parties impacted by BitForex’s sudden and unexplained shutdown. 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. Its daily trading volume stood at about $2.6 billion in crypto. At present, CoinMarketCap doesn’t provide live data on BitForex.

In April 2023, Japan’s Financial Services Agency accused BitForex of violating the country’s fund settlement laws. According to the FSA, the exchange had been conducting business in the country without proper registration.

Magazine: How the digital yuan could change the world… for better or worse

More articles

Latest article