• KuCoin confirmed that a wallet address allegedly responsible for launching thousands of memecoin scams belongs to one of its users.
• The exchange will not freeze the user’s assets without any official notice from law enforcement.
• If community members encounter any suspicious behavior, they must report it to the police and submit the relevant materials to KuCoin’s team.
KuCoin Confirms Exchange User Behind Memecoin Scams
Crypto exchange KuCoin confirmed that the address allegedly responsible for launching thousands of memecoin scams belongs to one of its users. However, the exchange will not freeze the user’s assets without any official notice from law enforcement.
Community Member Identifies Wallet Address
On April 26, a Twitter user identified a wallet address that launched two to five memecoins daily for two years. Another community member pointed out that the wallet addresses were “owned and controlled” by KuCoin.
KuCoin Will Not Freeze Assets Without Notice From Law Enforcement
In a statement sent to Cointelegraph, the crypto exchange confirmed that the wallet address belongs to one of its users. According to KuCoin’s Johnny Lyu, while the address belongs to one of the platform’s users, it will not freeze the account until it receives a notice from the relevant authorities.
Reporting Suspicious Activity To Police & KuCoin
In addition, the exchange told Cointelegraph that if community members encounter any suspicious behavior, they must report it to the police and submit the relevant materials to its team. Lyu added that KuCoin would be pleased to cooperate after receiving the required documents.
.
Recent Challenges Faced By Kucoin Exchange
The KuCoin exchange has faced challenges in