Bitforex, a well-known centralised cryptocurrency exchange, has suddenly suspended user withdrawals following the mysterious disappearance of $56.5 million from its hot wallets.

This abrupt stoppage in transactions came shortly after the significant sum was reported missing, sparking concerns among its user base.

Compounding the issue, the exchange's team has reportedly gone silent, ceasing all forms of communication with its users, leaving many in the dark about the future of their funds and the status of the exchange.

The lack of official communication from Bitforex further adds to the uncertainty and speculation surrounding the incident.