Hong Kong's SFC Launches Probe into BitForex

Hong Kong's Securities and Futures Commission (SFC) has flagged BitForex, a cryptocurrency exchange, for suspected fraud. The exchange abruptly went offline on Feb. 23, with a reported $57 million missing from its hot wallets.

BitForex's sudden disappearance prompted Hong Kong's regulator to add the company to its alert list regarding potential fraud associated with the exchange. The SFC announced its concerns, citing the exchange's lack of licensing or registration for operating a Virtual Asset Trading Platform in Hong Kong.

Expect ongoing updates as this story evolves.