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The heat has been on crypto exchange KuCoin lately after a Reddit stoner called them out on Reddit regarding finances being held on the exchange. The stoner had first taken to Reddit to vent their frustrations in an open letter to CEO Johnny Lyu after making no progress with its client support representatives. According to the stoner’s statements, the exchange was withholding ≈$ 50K worth of crypto on the exchange.
The stoner explained that KuCoin login had blazoned that they would be supporting a new BCH chopstick, eCash (XEC), leading them and numerous others to invest in the asset on the exchange. Problems arose when the exchange had run out of liquidity for the cryptocurrency. KuCoin druggies realize that they couldn’t vend their effects without doing so at a significant loss ( dealing for cents to the bone).
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Still, a important minatory issue arose when they plant out they couldn’t transfer the coins out moreover. Since also, the stoner claimed that they’ve had ≈$ worth of crypto being withheld by the exchange for over six months and still haven’t been allowed to move their coins.
Open Letter To KuCoin CEO
The Reddit stoner who goes by the username u/ BCHcain had first drawn attention to the issue when they posted an open letter to CEO Johnny Lyu about four days agone. In the open letter, they include screenshots of their dispatches with the support staff dating back at least six months. The stoner explained that KuCoin had been giving them the elusion with no real suggestion of working the issue and had‘ bills’to back this up.
CEO Johnny Lyu had responded to this open letter about three days after posting, giving what could be described as a low- trouble response to a easily worried stoner.
“ Thanks for bringing it up. The upgrade is underway, and since it’s not just a simple rename or rebrand, we still need some time to complete it. Thanks for your tolerance and understanding,” Lyu wrote.
Reddit druggies had called out the CEO over the response, pointing out that the answer proved everything that the stoner had claimed in their post; that the exchange didn’t feel interested in working their issue.
Calling On The Community
Four days after the open letter had been posted, the u/ BCHcain had formerly again posted to Reddit. This time calling on the community to help amplify the issue, pointing out that if it could be to them, also it could be to anyone. This follow-up post garnered vastly further attention than the open letter.
The issue has raised enterprises over the power centralized exchanges have over the finances of druggies. In a way, these centralized exchanges control stoner finances the same way as banks, commodity that the crypto suckers are fervently trying to do down with.
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The crypto exchange had also been called out on the same platform by another stoner who claimed that KuCoin was using Cloudfare to deny access to the platform during bull rallies in order to force druggies to liquidate and also profit from these liquidations.
KuCoin is yet to respond to the alternate post. Still, it continues to spark exchanges around issues with KuCoin and CEXes in general. As of the time of jotting, the post has entered5.3 K upvotes and has1.6 K commentary.
