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HomeCRYPTOCURRENCY NEWSReddit Person Calls Out KuCoin Over ≈$50,000 Caught On Alternate

Reddit Person Calls Out KuCoin Over ≈$50,000 Caught On Alternate

The warmth has been on crypto change KuCoin just lately after a Reddit person known as them out on Reddit relating to funds being held on the change. The person had first taken to Reddit to vent their frustrations in an open letter to CEO Johnny Lyu after making no progress with its buyer assist representatives. In accordance with the person’s statements, the change was withholding ≈$50K value of crypto on the change.

The person defined that KuCoin had introduced that they’d be supporting a brand new BCH fork, eCash (XEC), main them and plenty of others to put money into the asset on the change. Issues arose when the change had run out of liquidity for the cryptocurrency. KuCoin customers understand that they might not promote their holdings with out doing so at a big loss (promoting for cents to the greenback).

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Nevertheless, a a lot sinister subject arose once they discovered they might not switch the cash out both. Since then, the person claimed that they’ve had ≈$50,000 value of crypto being withheld by the change for over six months and nonetheless haven’t been allowed to maneuver their cash.

Open Letter To KuCoin CEO

The Reddit person who goes by the username u/BCHcain had first drawn consideration to the difficulty once they posted an open letter to CEO Johnny Lyu about 4 days in the past. Within the open letter, they embrace screenshots of their communications with the assist workers courting again no less than six months. The person defined that KuCoin had been giving them the runaround with no actual indication of fixing the difficulty and had ‘receipts’ to again this up.

CEO Johnny Lyu had responded to this open letter about three days after posting, giving what might be described as a low-effort response to a clearly distressed person.

“Thanks for bringing it up. The upgrade is underway, and since it’s not just a simple rename or rebrand, we still need some time to complete it. Thanks for your patience and understanding,” Lyu wrote.

Reddit customers had known as out the CEO over the response, mentioning that the reply proved all the things that the person had claimed of their submit; that the change didn’t appear fascinated about fixing their subject.

Calling On The Group

4 days after the open letter had been posted, the u/BCHcain had as soon as once more posted to Reddit. This time calling on the group to assist amplify the difficulty, mentioning that if it might occur to them, then it might occur to anybody. This follow-up submit garnered significantly extra consideration than the open letter.

The problem has raised considerations over the ability centralized exchanges have over the funds of customers. In a method, these centralized exchanges management person funds the identical method as banks, one thing that the crypto fans are fervently attempting to put off.

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The crypto change had additionally been known as out on the identical platform by one other person who claimed that KuCoin was utilizing Cloudfare to disclaim entry to the platform throughout bull rallies so as to pressure customers to liquidate after which revenue from these liquidations.

KuCoin is but to answer the second submit. Nevertheless, it continues to spark conversations round points with KuCoin and CEXes typically. As of the time of writing, the submit has obtained 5.3K upvotes and has 1.6K feedback.

Featured picture from CoinDesk, chart from TradingView.com

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