Yeah, I'd call them a scam, with such amount (~$50k) and without giving any resolution to their solve the problem with their user(s). The same with the other exchange, binance. Big exchanges do have lots of issue, and even locked accounts with even huge amounts. They might not be totally scam, but they are either.
For those who want to say or said "not your keys, not your crypto" or "why using cex to store such amount" when such incidents happens on cex, well, bitcoin/crypto increase due to trading activity (because of their activity actually), holding is just bland activity for others, and no cold wallets have such trading feature.
It's all about trust when using a service online, it's just that unfortunate it happens to them.
Topic: Kucoin scam or not? (Read 72 times)
If you search over the internet you will find scam allegations in almost all cryptocurrency platforms. Although allegations aren't fake at all, most allegation has been created due to the very poor support of a centralized exchange. They failed to support their customer. Though they claimed due to a large number of requests they failed to reply on time but I really don't like to hear this fucking excuse. It's just shady behavior of that. Since this matter is already highlighted I think the victim would get a solution. Very likely KuCoin will not destroy their reputation for this amount of fund. It's just a matter of time.
We can't describe a platform as scam just because there is one case claiming it, even highly trusted platformsbinance scam [1] have dozens of cases.
Even the case above talks about suspended funds, which means that the user may have not adhered to some of the terms of use.
Kucoin also has enough assets (24h trading volume ---> $ 4.49 billion[2]) not to commit a $50,000 scam.
In general, "Not your keys, Not your money" and therefore you should not trust a platform and to withdrawal any assets that do not intend to speculate, withdrawal fee is much cheaper than the full loss of capital.
[1] https://www.reddit.com/r/binance/comments/q7gke8/binance_is_a_fucking_scam/
[2] https://coinranking.com/exchange/-4x6SL_Cv+kucoin
Even the case above talks about suspended funds, which means that the user may have not adhered to some of the terms of use.
Kucoin also has enough assets (24h trading volume ---> $ 4.49 billion[2]) not to commit a $50,000 scam.
In general, "Not your keys, Not your money" and therefore you should not trust a platform and to withdrawal any assets that do not intend to speculate, withdrawal fee is much cheaper than the full loss of capital.
[1] https://www.reddit.com/r/binance/comments/q7gke8/binance_is_a_fucking_scam/
[2] https://coinranking.com/exchange/-4x6SL_Cv+kucoin
I don't think that Kucoin exchange is a scam, but they are centralized exchange and I am hearing that exchanges are increasingly freezing accounts of people without any explanation.
Similar thing recently happened with Kraken exchange, customer had kyc verified account and they refused to give him the reason for banning him, saying it's for ''security reasons''.
Don't trust any centralized exchange, don't keep any coins there and switch to decentralized exchanges like Bisq.
Similar thing recently happened with Kraken exchange, customer had kyc verified account and they refused to give him the reason for banning him, saying it's for ''security reasons''.
Don't trust any centralized exchange, don't keep any coins there and switch to decentralized exchanges like Bisq.
I won't condone their shady behavior or defend them, but this is not a scam. Just slow troubleshooting and laziness of support to update the real situation to affected users. However, this is a fatal weakness.
Maybe $50k is too small for kucoin to sacrifice reputation, but to me it's a huge amount and it's anyone's fault to leave so much on a centralized service.
Maybe $50k is too small for kucoin to sacrifice reputation, but to me it's a huge amount and it's anyone's fault to leave so much on a centralized service.
So far, generally, I consider KuCoin as less a scam than not. As with all exchanges, glitches are unavoidable. I don't think there is a single centralized exchange where there is not a single user fund that is stuck.
User u/BCHcain has all the reason to make noise because of the amount involved as well as the period of time the funds are stuck. He/she deserves a better explanation for it. But I don't think KuCoin is going to scam him/her of that amount.
However, I guess responses to troubled users should perhaps show a little commiseration and urgency in their tune. KuCoin, especially the CEO, may find user complaints and the amounts involved insignificant but they could mean everything to them.
The problem, on the other hand, is that almost every single user who is not attended to immediately by the support could easily exclaim scam. Every single day their funds are not yet released is a day of branding the exchange scam.
User u/BCHcain has all the reason to make noise because of the amount involved as well as the period of time the funds are stuck. He/she deserves a better explanation for it. But I don't think KuCoin is going to scam him/her of that amount.
However, I guess responses to troubled users should perhaps show a little commiseration and urgency in their tune. KuCoin, especially the CEO, may find user complaints and the amounts involved insignificant but they could mean everything to them.
The problem, on the other hand, is that almost every single user who is not attended to immediately by the support could easily exclaim scam. Every single day their funds are not yet released is a day of branding the exchange scam.
Exchanges may have bugs or glitches but how soon they are resolving really matters, even if its a week or two its acceptable but few months is not really tolerable for someone who is waiting to make profits since the market is crashing so justice delayed is similar to justice denied but this exist in almost every exchange which kind of attitude should be changed for better user experience.
So far, generally, I consider KuCoin as less a scam than not. As with all exchanges, glitches are unavoidable. I don't think there is a single centralized exchange where there is not a single user fund that is stuck.
User u/BCHcain has all the reason to make noise because of the amount involved as well as the period of time the funds are stuck. He/she deserves a better explanation for it. But I don't think KuCoin is going to scam him/her of that amount.
However, I guess responses to troubled users should perhaps show a little commiseration and urgency in their tune. KuCoin, especially the CEO, may find user complaints and the amounts involved insignificant but they could mean everything to them.
The problem, on the other hand, is that almost every single user who is not attended to immediately by the support could easily exclaim scam. Every single day their funds are not yet released is a day of branding the exchange scam.
User u/BCHcain has all the reason to make noise because of the amount involved as well as the period of time the funds are stuck. He/she deserves a better explanation for it. But I don't think KuCoin is going to scam him/her of that amount.
However, I guess responses to troubled users should perhaps show a little commiseration and urgency in their tune. KuCoin, especially the CEO, may find user complaints and the amounts involved insignificant but they could mean everything to them.
The problem, on the other hand, is that almost every single user who is not attended to immediately by the support could easily exclaim scam. Every single day their funds are not yet released is a day of branding the exchange scam.
Reddit User Calls Out KuCoin Over ≈$50,000 Stuck On Exchange
https://www.newsbtc.com/news/reddit-user-calls-out-kucoin-over-%e2%89%8850000-stuck-on-exchange/
One of the cons when you do deal with centralized platforms is that they could anytime hold your coins and get stucked and there's nothing you could do with it.https://www.newsbtc.com/news/reddit-user-calls-out-kucoin-over-%e2%89%8850000-stuck-on-exchange/
Based up on the link then i have seen that forked coin of BCH had been held up for over six months which is already a long one issue.
Knowing Kucoins reputation then we cant avoid on not to trust but something like this could happen.
50k amount is not a joke amount for someone but basing on reputation then they wont really be messing up their business for this mere
amount.Hope that users funds would be released on.
Reddit User Calls Out KuCoin Over ≈$50,000 Stuck On Exchange
https://www.newsbtc.com/news/reddit-user-calls-out-kucoin-over-%e2%89%8850000-stuck-on-exchange/
https://www.newsbtc.com/news/reddit-user-calls-out-kucoin-over-%e2%89%8850000-stuck-on-exchange/
Jump to: