SyncFab (MFG) Still Missing from BitForex, Users Accuse Exchange of Token Kidnapping

After only 13 days of trading, the SyncFab (MFG) token was delisted from Bitforex, and some of deposited funds remained locked.

BitForex has been silent about the MFG token for days now after being suspended on July 31, just around 13 days after the start of trading. The token is now not to be found on the platform, and some of the deposited funds may be held by the exchange, raising suspicions among users on possible token kidnapping.

BitForex has promised of adding multiple tokens in the past weeks - and deposits and withdrawals are open for most of them. However, the MFG asset was disabled and, in the weeks to follow, this decision of the exchange, neither BitForex nor SyncFab issued statements with information when the problem would be solved to resume trading. SyncFab cited a problem with its smart contract of an unknown nature.

Otherwise, the MFG digital asset has shown activity on Etherscan. The token’s price is not included on CoinMarketCap, but the Etherscan page reveals a price of $0.0068. Other tokens included in the BitForex marketplace also have a low price.

Curiously, the exchange for now allows deposits for multiple assets, but not all of them are active and searchable for making orders. The exchange only lists a handful of assets that have active markets. At the moment, the BTC market remains the most active, with volumes reported at $2.68 billion in 24 hours. The volumes have been excluded from the CoinMarketCap statistics, with some believing the trading is faked.

At the moment, for some tokens, the order placing has been disabled. In the case of the No Bullshit Crypto Token (NOBS), a recently airdropped asset that relies on BitForex for liquidity, the order form is not accessible. The same problem besets other tokens.

Since the creation of exchanges has become easier in 2018, many token projects go on to rely on brand-new marketplaces, instead of relying on already established exchanges. But the new exchanges are, sometimes, only created to pump a certain asset. The other problem is the blocking of withdrawals, which in effect steals funds, leaving them in the exchange wallet. There is no way to tell if the intent of BitForex was to steal funds. But the exchange remains troubled, and buying into projects that rely on brand-new exchanges remains highly risky.