• Crypto exchange KuCoin confirmed that an address 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.
• KuCoin has asked community members to report suspicious behavior and submit relevant materials for investigation.
KuCoin Confirms Exchange User Behind Alleged Daily Rug Pulls
A community member identified a wallet address that allegedly launched several memecoin rug pulls daily for almost two years. Crypto exchange KuCoin confirmed that the address belongs to one of its users, but will not freeze the user’s assets without any official notice from law enforcement.
KuCoin Requests Community Members To Report Suspicious Activity
If community members encounter any suspicious behavior, they must report it to the police and submit the relevant materials to the KuCoin team. Lyu added that KuCoin would be pleased to cooperate after receiving the required documents.
Recent Challenges Faced By The Exchange
The KuCoin exchange has faced challenges in the past week. On April 24, the platform’s official Twitter account was compromised and posted a fake activity, resulting in some of its followers losing their assets. After identifying the breach, the exchange worked with Twitter to recover th.
Risk Control Measures In Accordance With Complaints And Reports
“When reporting parties have provided relevant legal documents, procedures or reporting records we will assist and cooperate with law enforcement agencies to take temporary risk control measures in accordance with complaints and reports, user agreements and Seychelles laws,” explained Johnny Lyu.
Conclusion
In conclusion, while there is an alleged wallet address behind these rug pulls, Kucoin is taking precautionary measures before freezing any of their users’ assets until further investigation by law enforcement officials is complete.