UNKNOWN

AUGUST 2020

SINGAPORE

KUCOIN

DESCRIPTION OF EVENTS

"Behind KuCoin are two tech geeks who were early blockchain adopters. Having started coding at the age of 8 and founded his first startup at the age of 16, Michael heard about Bitcoin in 2012 from his boss Eric, and immediately started to mine. While he tried to sell some BTC on Mt. Gox, he discovered that, what was the world's largest platform at the time, was difficult for beginners to use. As the adoption of blockchain continued, Michael and Eric realized that it was reshaping the financial system, building a new system that not only serves the few richest, but everyone in the world - even the uneducated, unemployed and unbanked. By the end of 2013, they wrote down the first code in a cafe, beginning the journey of People’s Exchange to allow everyone to get involved with crypto."

 

"KuCoin is a well-known name in the crypto industry as it managed to establish itself as a prominent one-stop shop for all sorts of crypto operations. Launched in August 2017, the exchange has over 200 cryptocurrencies, more than 400 markets, and has grown into one of the most colorful crypto hubs online."

 

"The KuCoin platform was designed for investors of all types, with 24/7 world-class services in your preferred channel and language." "KuCoin is the most advanced and secure cryptocurrency exchange to buy and sell Bitcoin, Ethereum, Litecoin, TRON, USDT, NEO, XRP, KCS, and more."

 

"KuCoin boasts one of the world's most sophisticated security technology and maintenance team, and is constantly upgrading our security systems to ensure the safety of user assets and accounts."

 

"KuCoin warned of fraudulent websites using its brand to try to steal cryptocurrencies. The website provides false rewards to induce users to deposit digital assets."

 

"KuCoin warns its customers to be wary of website impersonator who gives out incentives as a catch for making crypto deposit. Impersonation scams have become so rampant in the cryptocurrency space today."

 

"The KuCoin Group has received several reports from users that a website is using the KuCoin trademark to ask users to transfer digital assets to specific deposit addresses by operating false incentive activity on webpages.

 

"The KuCoin Group hereby declares and clarifies:"

 

"1. “https://c.yrsm.net/app.php/MzI1” is a fraudulent website;"

 

"2. “https://c.yrsm.net/app.php/MzI1” has no relationship with the KuCoin Group, and the KuCoin Group has never authorized the platform to use the KuCoin trademark and other intellectual property;"

 

"3. Any user who transferred the digital assets to the public deposit address published on the “https://c.yrsm.net/app.php/MzI1” website shall report to the police or relevant authority as soon as possible to recover the losses;"

 

"4. The KuCoin Group reminds all KuCoin users to be extra careful to avoid this type of scam:"

 

"a) In addition to the official KuCoin events, the KuCoin Group will not organize any form of activities on platforms other than the official platforms (www.kucoin.com and www.kucoin.io) without pertinent notification from the official KuCoin website;"

 

"b) Under no circumstances that the KuCoin Group will intend to disclose any deposit address and instruct users to transfer digital assets to the designated address."

KuCoin reported that a malicious website was pretending to be affiliated with the exchange. The website was promising incentives to lure new users to sign up. It is unclear if any users lost funds.

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

Get Social

  • email
  • reddit
  • telegram
  • Twitter

© 2021 Quadriga Initiative. Your use of this site/service accepts the Terms of Use and Privacy Policy. This site is not associated with Ernst & Young, Miller Thompson, or the Official Committee of Affected Users. Hosted in Canada by HosterBox.