{"id":477213,"date":"2021-11-24T20:30:33","date_gmt":"2021-11-24T20:30:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=477213"},"modified":"2021-11-24T10:29:17","modified_gmt":"2021-11-24T10:29:17","slug":"reddit-user-calls-out-kucoin-over-%e2%89%8850000-stuck-on-exchange","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/reddit-user-calls-out-kucoin-over-%e2%89%8850000-stuck-on-exchange\/","title":{"rendered":"Reddit User Calls Out KuCoin Over \u2248$50,000 Stuck On Exchange"},"content":{"rendered":"

The heat has been on crypto exchange KuCoin recently after a Reddit user called them out on Reddit regarding funds being held on the exchange. The user had first taken to Reddit to vent their frustrations in an open letter to CEO Johnny Lyu after making no progress with its customer support representatives. According to the user\u2019s statements, the exchange was withholding \u2248$50K worth of crypto on the exchange.<\/p>\n

The user explained that KuCoin had announced<\/a> that they would be supporting a new BCH fork, eCash (XEC), leading them and many others to invest in the asset on the exchange. Problems arose when the exchange had run out of liquidity for the cryptocurrency. KuCoin users realize that they could not sell their holdings without doing so at a significant loss (selling for cents to the dollar).<\/p>\n

Related Reading |\u00a0Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users<\/a><\/strong><\/em><\/p>\n

However, a much sinister issue arose when they found out they could not transfer the coins out either. Since then, the user claimed that they have had \u2248$50,000 worth of crypto being withheld by the exchange for over six months and still have not been allowed to move their coins.<\/p>\n

Open Letter To KuCoin CEO<\/h2>\n

The Reddit user who goes by the username u\/BCHcain<\/a> had first drawn attention to the issue when they posted an open letter to CEO Johnny Lyu about four days ago. In the open letter, they include screenshots of their communications with the support staff dating back at least six months. The user explained that KuCoin had been giving them the runaround with no real indication of solving the issue and had \u2018receipts\u2019 to back this up.<\/p>\n

CEO Johnny Lyu had responded to this open letter about three days after posting, giving what could be described as a low-effort response to a clearly distressed user.<\/p>\n

\u201cThanks 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,\u201d Lyu wrote.<\/p>\n

Reddit users had called out the CEO over the response, pointing out that the answer proved everything that the user had claimed in their post; that the exchange did not seem interested in solving their issue.<\/p>\n

Calling On The Community<\/h2>\n

Four days after the open letter had been posted, the u\/BCHcain had once again posted to Reddit.<\/a> This time calling on the community to help amplify the issue, pointing out that if it could happen to them, then it could happen to anyone. This follow-up post garnered considerably more attention than the open letter.<\/p>\n

The issue has raised concerns over the power centralized exchanges have over the funds of users. In a way, these centralized exchanges control user funds the same way as banks, something that the crypto enthusiasts are fervently trying to do away with.<\/p>\n

Related Reading |\u00a0Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years<\/a><\/strong><\/em><\/p>\n

The crypto exchange had also been called out on the same platform by another user who claimed that KuCoin was using Cloudfare to deny access to the platform during bull rallies<\/a> in order to force users to liquidate and then profit from these liquidations.<\/p>\n

KuCoin is yet to respond to the second post. However, it continues to spark conversations around issues with KuCoin and CEXes in general. As of the time of writing, the post has received 5.3K upvotes and has 1.6K comments.<\/p>\n

Featured image from CoinDesk, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The heat has been on crypto exchange KuCoin recently after a Reddit user called them out on Reddit regarding funds being held on the exchange. The user had first taken to Reddit to vent their frustrations in an open letter to CEO Johnny Lyu after making no progress with its customer support representatives. According to the user\u2019s statements, the exchange was withholding \u2248$50K worth of crypto on the exchange. The user explained that KuCoin had announced that they would be supporting a new BCH fork, eCash (XEC), leading them and many others to invest in the asset on the exchange. Problems arose when the exchange had run out of liquidity for the cryptocurrency. KuCoin users realize that they could not sell their holdings without doing so at a significant loss (selling for cents to the dollar). Related Reading |\u00a0Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users However, a much sinister issue arose when they found out they could not transfer the coins out either. Since then, the user claimed that they have had \u2248$50,000 worth of crypto being withheld by the exchange for over six months and still have not been allowed to move their coins. Open Letter To KuCoin CEO The Reddit user who goes by the username u\/BCHcain had first drawn attention to the issue when they posted an open letter to CEO Johnny Lyu about four days ago. In the open letter, they include screenshots of their communications with the support staff dating back at least six months. The user explained that KuCoin had been giving them the runaround with no real indication of solving the issue and had \u2018receipts\u2019 to back this up. CEO Johnny Lyu had responded to this open letter about three days after posting, giving what could be described as a low-effort response to a clearly distressed user. \u201cThanks 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,\u201d Lyu wrote. Reddit users had called out the CEO over the response, pointing out that the answer proved everything that the user had claimed in their post; that the exchange did not seem interested in solving their issue. Calling On The Community Four days after the open letter had been posted, the u\/BCHcain had once again posted to Reddit. This time calling on the community to help amplify the issue, pointing out that if it could happen to them, then it could happen to anyone. This follow-up post garnered considerably more attention than the open letter. The issue has raised concerns over the power centralized exchanges have over the funds of users. In a way, these centralized exchanges control user funds the same way as banks, something that the crypto enthusiasts are fervently trying to do away with. Related Reading |\u00a0Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years The crypto exchange had also been called out on the same platform by another user who claimed that KuCoin was using Cloudfare to deny access to the platform during bull rallies in order to force users to liquidate and then profit from these liquidations. KuCoin is yet to respond to the second post. However, it continues to spark conversations around issues with KuCoin and CEXes in general. As of the time of writing, the post has received 5.3K upvotes and has 1.6K comments. Featured image from CoinDesk, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":477218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[12307,12449,15862,84759],"class_list":["post-477213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto-exchange","tag-crypto-trading","tag-kucoin","tag-kucoin-exchange"],"acf":[],"yoast_head":"\nReddit User Calls Out KuCoin Over \u2248$50,000 Stuck On Exchange<\/title>\n<meta name=\"description\" content=\"The heat has been on KuCoin recently after a Reddit user called them out on Reddit regarding funds being held on the exchange.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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