Bitforex
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -183 |
| Sum | -118 |
- The page establishes that the subject is itself a scheme, so the score is 0.
Score: 0/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 5 of 6 claims confirmed · 1 need better sources
anchored·tMAaD1…RHQSSummary
Bitforex was a cryptocurrency exchange founded in 2017, registered in Seychelles and operating under a Hong Kong address, which collapsed in February 2024 after approximately $56.5 million was drained from its hot wallets across Ethereum, Tron, and Bitcoin in a controlled fund extraction widely characterized as an exit scam. The exchange had a documented history of wash trading allegations dating to 2018, a prior unexplained withdrawal freeze in 2022, regulatory warnings from Japan's FSA and Hong Kong's SFC, and operated without a license in the jurisdictions it claimed as home. Following the collapse, team members were allegedly detained by Jiangsu Province police in China, and the exchange briefly reopened for KYC-verified withdrawals in July 2024 before announcing permanent closure.
Connected Entities
9 entities · 60 linked investigations- 3DbbF7…o1o2→mentioned with→Bitforex(50%)
- TQcnqa…i76o→mentioned with→Bitforex(50%)
- Bitget→associated with→Hyperliquid(70%)
- Ethereum→mentioned with→Bitcoin(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Bitcoin(65%)
- Hyperliquid→mentioned with→Ethereum(70%)
- Bitforex→mentioned with→ZachXBT(65%)
- Bitforex→mentioned with→Hyperliquid(70%)
- Bitforex→mentioned with→Bitcoin(70%)
- + 6 more
Connected Through
7 shared actors · 605 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ♦Bitcointoken
- □Solanaorganization
Timeline(11 events)
January 2017
Bitforex founded by Jason Luo (also known as Garrett Jin), incorporated in Seychelles, representing Hong Kong as its operational base.
IQ.wiki / DL NewsJuly 2018
First wash trading allegations published by CryptoExchangeRank; Bitforex accused of faking the vast majority of its reported trading volume.
EIN PresswireDecember 2018
Blockchain Transparency Institute December 2018 report finds Bitforex has only ~7% authentic volume, with a 40,000:1 BTC trade volume ratio.
Blokt / BTIJuly 2022
Bitforex enacts its first unexplained withdrawal freeze, lasting approximately one month, citing an internal investigation. No findings are published.
MEXC BlogApril 2023
Japan's FSA issues a formal warning to Bitforex for operating without registration in Japan, in violation of the Act on Settlement of Funds.
CoinDesk31 January 2024
CEO Jason Luo resigns with no explanation and no named successor, after six years leading the exchange.
DL News21 February 2024
Bitforex ceases all social media activity and community communications. A test transaction of 0.01 ETH is sent from a hot wallet — the first signal of the extraction sequence.
Distributed Networks Institute / Halborn23 February 2024
Approximately $56.5 million drained from Bitforex hot wallets across Ethereum, Tron, and Bitcoin in a controlled extraction. Withdrawals halted. Website goes offline. ZachXBT identifies and reports the outflows on-chain.
Decrypt / The Block / ZachXBT4 March 2024
Hong Kong SFC adds Bitforex to its Suspicious Virtual Asset Trading Platforms Alert List and requests Hong Kong Police Force block access to the exchange's website and social media. Commercial Crime Bureau confirms investigation.
CoinDesk / CryptoTimes19 July 2024
Bitforex breaks five months of silence via X, claiming team members had been detained by Jiangsu Province police in China since February 23. Exchange announces withdrawals will reopen for KYC-verified users on July 24, with trading and deposits remaining suspended permanently.
CoinDesk / CoinTelegraphApril 2025
On-chain investigator EyeOnChain alleges former Bitforex CEO Garrett Jin is the Hyperliquid whale holding over 100,000 BTC (~$11 billion), traced via ENS domains ereignis.eth and garrettjin.eth. Jin denies ownership.
CoinTelegraph / CryptopolitanDecision Log
- slot 464380028 · hash FSfYY4CapQT6xgpGAKP4jdDAy1zi4g1DGZgWYP2stZL4
- slot 464380023 · hash Hi9w7SkxMNUmLyRKokSvEzUoMwCCVpqcCL6fwVRokXeh
- slot 461954100 · hash AeoMEm7gSK2y8NgC4jMoT8oCnJhjt4v7K2Hyd3PXnra3
- slot 419825170 · hash 6uUmJu3W9rYJPFe6vBnBo79UKFCqPQXhzfuDgLc1ZAdi
This investigation is cryptographically anchored to the Solana blockchain (4 decisions).
model: claude-sonnet-4-6
generated: 5/4/2026, 4:04:56 PM
last updated: 11/2/2026, 5:36:24 AM
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