The warm has actually gotten on crypto exchange KuCoin just recently after a Reddit individual called them out on Reddit pertaining to funds being hung on the exchange. The individual had actually very first required to Reddit to vent their aggravations in an open letter to chief executive officer Johnny Lyu after making no progression with its client assistance agents. According to the individual’s declarations, the exchange was keeping ≈$ 50K well worth of crypto on the exchange.
The individual described that KuCoin had actually revealed that they would certainly be sustaining a brand-new BCH fork, eCash (XEC), leading them and also several others to invest in the possession on the exchange. Troubles occurred when the exchange had actually lacked liquidity for the cryptocurrency. KuCoin customers recognize that they can not offer their holdings without doing so at a considerable loss (marketing for cents to the buck).
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Nevertheless, a much ominous concern occurred when they learnt they can not move the coins out either. Ever since, the individual declared that they have actually had ≈$ 50,000 well worth of crypto being kept by the exchange for over 6 months and also still have actually not been permitted to relocate their coins.
Open Letter To KuCoin Chief Executive Officer
The Reddit individual that passes the username u/BCHcain had actually very first accentuated the concern when they published an open letter to chief executive officer Johnny Lyu concerning 4 days back. Outdoors letter, they consist of screenshots of their interactions with the assistance team going back at the very least 6 months. The individual described that KuCoin had actually been providing the runaround without any genuine indicator of addressing the concern and also had ‘invoices’ to back this up.
Chief Executive Officer Johnny Lyu had actually reacted to this open letter concerning 3 days after publishing, providing what can be called a low-effort reaction to a plainly troubled individual.
” Many thanks for bringing it up. The upgrade is underway, and also considering that it’s not simply a straightforward rename or rebrand, we still require a long time to finish it. Many thanks for your perseverance and also understanding,” Lyu created.
Reddit customers had actually called out the chief executive officer over the reaction, explaining that the response confirmed every little thing that the individual had actually declared in their article; that the exchange did not appear thinking about addressing their concern.
Contacting The Neighborhood
4 days after the open letter had actually been published, the u/BCHcain had actually once more published to Reddit. This moment contacting the neighborhood to aid intensify the concern, explaining that if it can occur to them, after that it can occur to any person. This follow-up article gathered significantly even more focus than the open letter.
The concern has actually increased problems over the power streamlined exchanges have more than the funds of customers. In such a way, these central exchanges manage individual funds similarly as financial institutions, something that the crypto lovers are busily attempting to do away with.
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The crypto exchange had actually likewise been called out on the very same system by an additional individual that declared that KuCoin was making use of Cloudfare to reject accessibility to the system throughout bull rallies in order to require customers to sell off and after that benefit from these liquidations.
KuCoin is yet to react to the 2nd article. Nevertheless, it remains to stimulate discussions around problems with KuCoin and also CEXes as a whole. Since the moment of creating, the article has actually gotten 5.3 K upvotes and also has 1.6 K remarks.
Included photo from CoinDesk, graph from TradingView.com