BitForex, a cryptocurrency exchange based in Hong Kong, has suddenly ceased operations following an unexplained withdrawal of $56.5 million from its wallet.

The exchange's CEO has resigned, and despite promises of leadership changes, none have been implemented.

Communication breakdown has occurred as BitForex remains unresponsive to inquiries, leaving its six million users without information on the situation.

The incident underscores the risks for crypto investors in finding secure and regulated platforms, amidst a period of market growth.

Prior to shutting down, BitForex saw a significant drop in user traffic by 85%, and faced potential legal issues in Japan where it operated without authorization.

The crypto community and BitForex's users are still awaiting a formal explanation for the financial discrepancies and operational shutdown.