Kucoin stole my funds
Kucoin stole my funds
Hello my fellow crypto friends. I want to share very unpleasant situation which happen to me and can happen to any of you guys using Kucoin exchange.
I was fully KYCed customer of Kucoin for 5 years. I accumulated some small coins during last bear investing about 20k $. When BTC reached 70k+, my portfolio grew to wooping 110k$. I decided to take profits and when i tried to sell coins i got notification that my account is locked. Kucoin asked for additional information which i provided in less than 24h. This was already 5 months ago and since initial contact Kucoin didnt provide any specific details, why my account is locked, and when it will be unlocked, nor they asked for additional information from my side. Since they halted my trading, value of my coins dropped from 110k to 40k $ making unrealised loss of 70k$.
Kucoin is stealing users funds and should be avoided at all costs!
Only purpose of this thread is that other people in crypto space are aware of such risks. If i save 10 people from what happen to me I am already happy
Beginning of the year authorities accused Kucoin for money laundering, and people started to withdraw their coins from exchange. If the news are correct few billion dollars worth of coins were taken out of exchange. Probably Kucoin was not liquid so they did this kind of tricks to keep at least some money on exchange. Unfortunately i found about it too late. I check their reddit page and every day someone appears with same issues