CatCoin Issues Legal Ultimatum to BitForex Over Token Withdrawals

CatCoin (CAT), a meme-based community-influenced crypto project, has warned the BitForex Crypto Exchange regarding CAT tokens withdrawal.

In a recent post on X, CatCoin representatives threatened to pursue legal action against BitForex and its former CEO, Jason Luo.

This is a formal warning to @bitforexcom Exchange regarding the withdrawal of $CAT tokens. We may pursue legal action against both Bitforex and its former CEO, @JasonLuoBF, who remains in charge of the exchange. Despite repeated attempts to contact both parties, there has been…

— CatCoin (@catcoin) May 24, 2024

According to CatCoin, it has made multiple efforts to contact BitForex but received no response. The meme-based project’s team issued the post as a final notice to the crypto exchange, requesting BitForex to respond to its complaints via an official email it provided.

Meanwhile, the CatCoin team called on the Hong Kong Police Force to intervene and act appropriately against BitForex and Jason Luo. In addition, the team accused BitForex of tarnishing the reputation of the crypto industry and called upon crypto influencers to address the situation.

BitForex went offline in February, less than one month after Jason Luo stepped down as the company’s CEO. The crypto exchange shut down abruptly, leaving users confused and concerned over the fate of their assets. In his resignation speech, Luo noted he would continue to support the firm with his experience and knowledge.

The CatCoin team believes Luo is still involved with the exchange, alleging that the former CEO is in charge of operations at BitForex despite the inactive state of the firm in the past few months. The exchange’s X account has had no activity since February 21, when it posted, “We are the top encryption projects in 2024?”

See also  Two Binance Senior Executives Arrested in Nigeria

Notably, the CatCoin team is one of several entities affected by BitForex’s unannounced collapse. The crypto exchange has failed to provide any tangible reason for its collapse despite several complaints, especially on the exchange’s official Telegram channel.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source link