• Crypto exchange KuCoin has confirmed that a wallet address allegedly responsible for launching thousands of memecoin scams belongs to one of its users.
• KuCoin will not freeze the user’s assets without any official notice from law enforcement and if community members encounter any suspicious behavior, they must report it to the police.
• The exchange has faced challenges in the past week, including an account breach which resulted in some followers losing their assets.
KuCoin Confirms Exchange User Behind Memecoin Scams
Crypto exchange KuCoin has confirmed that a wallet address allegedly responsible for launching thousands of memecoin scams belongs to one of its users but will not freeze the user’s assets without any official notice from law enforcement.
KuCoin Responds To Reports
On April 26, a Twitter user identified a wallet address that launched two to five memecoins daily for two years and another community member pointed out that the wallet addresses were “owned and controlled” by KuCoin. In response, the crypto exchange sent a statement to Cointelegraph confirming that the wallet address belongs to one of its users but will not freeze the account until it receives a notice from relevant authorities.
Reporting Suspicious Behavior
The exchange also told Cointelegraph that if community members encounter any suspicious behavior, they must report it to the police and submit relevant materials to KuCoin’s team. The exchange would then cooperate after receiving required documents.
Recent Challenges Faced By Exchange
The KuCoin exchange has faced challenges in recent weeks with an account breach on April 24 resulting in some followers losing their assets. After identifying this breach, the exchange worked with Twitter to recover stolen funds and strengthen security measures on its platform.
Conclusion
KuCoin is taking proactive steps towards ensuring greater security on its platform while responding appropriately to reports made by community members regarding fraudulent activity associated with one of its users‘ wallets.