Hong Kong Warns Against Crypto Exchange BitForex for Alleged $57 Million Fraud
• Hong Kong's financial regulator warned against crypto exchange BitForex for suspected fraud after it went offline in February • BitForex allegedly had $57 million withdrawn from its hot wallets before going offline • BitForex was previously flagged by Japanese regulators for operating without proper registration • Hong Kong is aiming to become a global hub for virtual assets while also policing the crypto industry • The regulator asked police to block access to BitForex's website and social media pages after users couldn't access their accounts