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Reddit Consumer Calls Out KuCoin Over ≈$50,000 Caught On Change


The warmth has been on crypto change KuCoin not too long ago after a Reddit consumer referred to as them out on Reddit relating to funds being held on the change. The consumer had first taken to Reddit to vent their frustrations in an open letter to CEO Johnny Lyu after making no progress with its buyer help representatives. In keeping with the consumer’s statements, the change was withholding ≈$50K price of crypto on the change.

The consumer defined that KuCoin had introduced that they might be supporting a brand new BCH fork, eCash (XEC), main them and plenty of others to spend money on 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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Nonetheless, a a lot sinister situation arose after they came upon they might not switch the cash out both. Since then, the consumer claimed that they’ve had ≈$50,000 price 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 consumer who goes by the username u/BCHcain had first drawn consideration to the problem after they posted an open letter to CEO Johnny Lyu about 4 days in the past. Within the open letter, they embody screenshots of their communications with the help employees courting again at the least six months. The consumer defined that KuCoin had been giving them the runaround with no actual indication of fixing the problem and had ‘receipts’ to again this up.

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

“Thanks for bringing it up. The improve is underway, and because it’s not only a easy rename or rebrand, we nonetheless want a while to finish it. Thanks on your persistence and understanding,” Lyu wrote.

Reddit customers had referred to as out the CEO over the response, declaring that the reply proved every little thing that the consumer had claimed of their put up; that the change didn’t appear excited by fixing their situation.

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 neighborhood to assist amplify the problem, declaring that if it may occur to them, then it may occur to anybody. This follow-up put up garnered significantly extra consideration than the open letter.

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

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

KuCoin is but to reply to the second put up. Nonetheless, it continues to spark conversations round points with KuCoin and CEXes usually. As of the time of writing, the put up has obtained 5.3K upvotes and has 1.6K feedback.

Featured picture from CoinDesk, chart from TradingView.com



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