Kucoin users, are your withdrawals okay? - page 2.

eaLiTy

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Have Fun )@@( Stay Safe

Quote from: dkbit98 on July 02, 2022, 03:22:53 PM

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Quote from: o_e_l_e_o on July 02, 2022, 01:13:36 PM

Why is your portfolio on an exchange at all? The only coins which should be anywhere other than your own wallet are coins which are being actively traded.

I have even better proposition.
Pretend like you don't have any portfolio and uninstall all portfolio tracking apps, especially during bear markets, and you will sleep much better Wink

@noorman0 said he is holding his portfolio in exchanges and for that o_e_l_e_o asked why even bother holding their portfolio in exchanges and i am surprised that people are still using exchanges to hold their funds for the long term.

Quote from: bbc.reporter on July 03, 2022, 12:35:18 AM

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It appears this fud is spreading more widely than I have expected. In any case, it also appears that there are not many users of Kucoin in bitcointalk?

Was holding stable currency in Kucoin in order to buy BTC at appropriate time and when the news started to spread i withdrew them without any issues.

Quote from: bbc.reporter on July 03, 2022, 12:35:18 AM

Another bad news, @samczsun has tweeted another hash of a text string or a hash of hash of a text string. Some have mentioned that this is bad news about USDC.

I did not decode them but there is another rumor that Circle is loosing money big time because crypto companies are borrowing tons of USDC, which they cannot pay back and some of these situations were evident in the documentations when they filed for the SPAC IPO.
You cannot find USDC audit reports but claims that they are attested by Grant Thornton LLC. Cheesy

bbc.reporter

legendary

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Quote from: noorman0 on July 02, 2022, 10:50:24 AM

And who would have thought that some users confirmed on twitter that they actually withdrawb all their portfolio. Johnny Liu has denied these allegations and said that he would take serious steps against the FUD spreaders. source

It's a relief because I personally still have high hopes for Kucoin not to make even crazier KYC rules any time soon, I have no plans to withdraw my portfolio in this bear market.

It appears this fud is spreading more widely than I have expected. In any case, it also appears that there are not many users of Kucoin in bitcointalk?

Another bad news, @samczsun has tweeted another hash of a text string or a hash of hash of a text string. Some have mentioned that this is bad news about USDC. Can anyone decode it? I have tried to do it, however, it does not work in all the websites I have tried. The last hashed text string he tweeted said 3AC is insolvent. The tweet was made 1 month before it was confirmed.

9684c022748fed2b3b076cde6000d1dc8301e508f19382e2b510f84aed260380

ddcf464e8dd47153e861530dfda82ccebc9c8c0ea86159f6d7a8a17e2916ce17

Source https://mobile.twitter.com/samczsun/status/1542968371578167296

dkbit98

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Quote from: bbc.reporter on July 01, 2022, 11:48:08 PM

In an interview with Forbes magazine, Sam Bankman-Fried mentioned that there are smaller exchanges that are now secretly insolvent. He did not mention specific exchanges, however, there is someone on Twitter who said that there are rumors that Kucoin will halt withdrawals in the near future.

He is just trying to make better deal because he is trying to purchase other small crypto companies and expand his reach, especially after their deal with Celsius is gone bust.
I don't think this has any connection with Kucoin that is one of the biggest crypto exchanges in the world, but I would still not keep any coins on Kucoin, FTX or any other centralized exchanges.
If you are not big time trader, than se exchanges only for trading, and non-custodial wallets for holding your coins.

Quote from: o_e_l_e_o on July 02, 2022, 01:13:36 PM

Why is your portfolio on an exchange at all? The only coins which should be anywhere other than your own wallet are coins which are being actively traded.

I have even better proposition.
Pretend like you don't have any portfolio and uninstall all portfolio tracking apps, especially during bear markets, and you will sleep much better Wink

hugeblack

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Activity: 2702

Merit: 4002

It is difficult to classify Kucoin as a small platform and it is hard to believe that bankruptcy for this platform may take a long time (more than several days), so if there are financial problems, it will not appear in the form of preventing people from withdrawing their currencies, but rather reducing employees, increasing withdrawal and deposit fees, increasing Number of closed accounts and a long list.

We can know the source of these rumors, but prevention is better than cure, never leave your money on the platform. (deposit exchange withdrawal)

o_e_l_e_o

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Quote from: noorman0 on July 02, 2022, 10:50:24 AM

Johnny Liu has denied these allegations and said that he would take serious steps against the FUD spreaders. source

"We will take legal action against anyone who tells other people to withdraw their coins from our exchange" doesn't exactly fill me with confidence, either in the leadership or the solvency of said exchange.

We have seen multiple crypto based companies and exchanges go bankrupt over the last couple of weeks. We have seen several more receive bailouts of hundreds of millions of dollars. We know several more exchanges are "secretly insolvent" and teetering on the brink of collapse. It is hardly FUD to suggest to people that the only safe place for their coins right now is in their own wallets. The CEO of Celsius was saying the same things about how it was all unfounded FUD shortly before they collapsed too.

Quote from: noorman0 on July 02, 2022, 10:50:24 AM

I have no plans to withdraw my portfolio in this bear market.

Why is your portfolio on an exchange at all? The only coins which should be anywhere other than your own wallet are coins which are being actively traded.

noorman0

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[Nope]No hype delivers more than hope

And who would have thought that some users confirmed on twitter that they actually withdrawb all their portfolio. Johnny Liu has denied these allegations and said that he would take serious steps against the FUD spreaders. source

It's a relief because I personally still have high hopes for Kucoin not to make even crazier KYC rules any time soon, I have no plans to withdraw my portfolio in this bear market.

Charles-Tim

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Leading Crypto Sports Betting & Casino Platform

Kucoin has been known as a no-KYC exchange by many people, but not a decentralized exchange, coins can be freezed, account can be suspended or blocked, users can be enforce to provide identity documents and other information needed to complete identity verification. But, I see this to be partaining to just only one user or few users if they see the person's account to be suspicious. Any centralized exchange can do it. Nobody should be surprised if an exchange user's account is suspended one day and KYC is demanded for.

So, I do not see this as a reason Kucoin to enforce all their customers to provide KYC documents. But, we should know that centralized exchanges have full control over their users coins and funds generally, the reason we should not leave our coins on exchanges, anyone not used for active frequent trade should be moved to a noncustododial wallet.

Conclusively, anyone using a centralized exchange should always know that the exchange can at anytime freeze their funds or block their account and demand for KYC.

Rikafip

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Quote from: bbc.reporter on July 01, 2022, 11:48:08 PM

In an interview with Forbes magazine, Sam Bankman-Fried mentioned that there are smaller exchanges that are now secretly insolvent. He did not mention specific exchanges, however, there is someone on Twitter who said that there are rumors that Kucoin will halt withdrawals in the near future.

Well, Kucoin can be hardly called "smaller exchange" so I don't see any connections between what that FTX guy mentioned and Kucoin itself. He is generally true thoigh, a lot of crypto exchanges will disappear during bear market as God know swhat they did with deposited money (I wouldn't be surprised if they deposited client's money into Celsius and similar platforms)

Quote from: bbc.reporter on July 01, 2022, 11:48:08 PM

There was also someone else who replied that Kucoin has started implementing KYC before being approved to withdraw.

That's always a possibility when withdrawing, especially if you are doing it with bigger amounts.

Quote from: bbc.reporter on July 01, 2022, 11:48:08 PM

I am not very sure if this is true or fud.

Since that source is just some random guy on Twitter is hard to say, but what he is saying about withdrawing your money from there is absolutely true, no one should hold their crypto on exchanges, including the most popular ones.

bbc.reporter

legendary

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In an interview with Forbes magazine, Sam Bankman-Fried mentioned that there are smaller exchanges that are now secretly insolvent. He did not mention specific exchanges, however, there is someone on Twitter who said that there are rumors that Kucoin will halt withdrawals in the near future.

There was also someone else who replied that Kucoin has started implementing KYC before being approved to withdraw.

I am not very sure if this is true or fud. This is why I am asking you. I traded in Kucoin last week and I had no problems using the exchange. I deposited my cryptocoins and withdrawn my stablecoins within 1 hour.

I am hearing rumors that KuCoin is about to halt withdrawals in the near future.

I have closed all open trades and immediately taken all money off KuCoin. From what I’ve been hearing, this ‘rumor’ will soon be a reality. Do not suffer the same fate as others who had their money stolen by irresponsible platforms.

Source https://mobile.twitter.com/buckleupbrandon/status/1542933313043693568

Topic: Kucoin users, are your withdrawals okay? - page 2. (Read 305 times)