Crypto change KuCoin confirmed that the handle allegedly answerable for launching hundreds of memecoin scams belongs to one in every of its customers. Nonetheless, the change won’t freeze the person’s property with none official discover from regulation enforcement. 

On April 26, a Twitter person recognized a pockets handle that launched two to 5 memecoins every day for 2 years. One other group member identified that the pockets addresses had been “owned and managed” by KuCoin. In the mean time, blockchain explorer Etherscan has already marked the stated handle as a faux phishing pockets.


In an announcement despatched to Cointelegraph, the crypto change confirmed that the pockets handle belongs to one in every of its customers. In accordance with KuCoin’s Johnny Lyu, whereas the handle belongs to one of many platform’s customers, it won’t freeze the account till it receives a discover from the related authorities. Lyu defined: 

“When the reporting celebration has offered related authorized paperwork, procedures, or reporting information, we’ll help and cooperate with regulation enforcement businesses to take momentary danger management measures in accordance with complaints and stories, person agreements and Seychelles legal guidelines.”

As well as, the change instructed Cointelegraph that if group members encounter any suspicious habits, they need to report it to the police and submit the related supplies to its group. Lyu added that KuCoin could be happy to cooperate after receiving the required paperwork.

Associated: KuCoin Wallet spins off from KuCoin exchange, rebrands as Halo Wallet

The KuCoin change has confronted challenges up to now week. On April 24, the platform’s official Twitter account was compromised and posted a faux exercise, leading to a few of its followers dropping their property. After figuring out the breach, the change labored with Twitter to get well the social media account and promised to reimburse the victims affected by the hack.

Journal: US enforcement agencies are turning up the heat on crypto-related crime