Kucoin - A ticking bomb from security to legality
We have multiple evidence of total unprofesionalism from Kucoin, got giving awards promised, support of wash trades for their contests, sending withdrawals 2-times without accountability, which clearly means they aren't LIQUID anymore.
No rewards on contests
First many of their contest have ended without awards, quielty, ended. Simply as that, winners didn't got nothing. One of the contest is BCH-KCS volume & holders contest. In which every holder of Kucoin that traded even 0.5 BCH in their markets and had a decent amount of KCS should have got at least 1KCS out of a pool of 110.000 Kucoin Shares. Yet no rewards were distributed, no 110.000 Kucoin Shares were distributed.
Support of Wash Trades in Contests
For those who don't know Wash trading has been illegal in the United States since the passage the Commodity Exchange Act (CEA), of 1936.
A wash trade is a form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace.[1] First, an investor will place a sell order. He will then place a buy order to buy from himself, and vice versa. This may be done for a number of reasons:
- To artificially increase trading volume, giving the impression that the instrument is more in demand than it actually is.
- To generate commission fees to brokers in order to compensate them for something that cannot be openly paid for.
We actively participated in their QLink contest ending up wining a Mac Pro Book, after in the last 3 hours ,3 contestants used wash trade mechanism in order to win Tesla D gave away by QLink, to a fraudster. Most probably a Kucoin insider.
P.S: They also have "difficulties" sending our Mac Pro Book. Meanwhile they hurry up to give the present to their Tesla D winner.
Here is also a proof from their CIO, Kent Li in which he supports "wash trading".
Withdrawal issues? It is an actual leakage of funds
One of our users have reported to have submited for an 100 NEO withdrawal, instead receiving 2 transactions of 100 NEO each. Resulting in a colosal leakage in Kucoin wallets.
This was the original transaction which the user had in its Kucoin Dashboard:
https://neoscan.io/transaction/6ec18ee293f75f5f8e4669e71e2aa2faa6af1e12c6cb11a00f8d94fdd2856f96
This is the transaction from Kucoin in which their wallets leaked it for FREE.
https://neoscan.io/transaction/f7fc9fd2f82b4f834577bf46a31effa14f905073d9980bdc343c0b0c2cc0209d
A ticking bomb.
Careful, always keep your funds away from exchanges, trade only what you need for your daily needs, nothing excesive or that you cannot afford to lose. In any time this exchanges can fall off due to non-regulation. Your funds aren't insured and exchanges like Kucoin that have this type of behavior, even the removal of entire team information, it is a BIG RED FLAG.
STAY CAREFUL!
Posted from my blog with SteemPress : https://247cryptonews.com/kucoin-a-ticking-bomb-from-security-to-legality/
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