KuCoin Confirms One of its Users is Behind Many Scam Coins

A KuCoin wallet address that released two to five memecoins every day for two years was discovered on April 26.

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KuCoin, a cryptocurrency exchange, acknowledged that the address purportedly accountable for hundreds of memecoin frauds belongs to one of its users. However, without official notice from authorities, the exchange is not going to block the user’s assets. 

KuCoin Address Released 2-5 Memecoins Every Day

A wallet address that released two to five memecoins every day for two years was discovered on April 26 by a Twitter user. Another forum member reminded of the fact that KuCoin “owned and controlled” the wallet addresses. 

At present, blockchain explorer Etherscan has flagged the aforementioned address as a phishing wallet.

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Account Will not be Frozen

As stated by KuCoin’s Johnny Lyu, while the address corresponds to an individual that uses KuCoin, the user’s account will not be frozen until it receives notification from the appropriate authorities. 

“When the reporting party has 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,” Lyu elaborated.

Recent Attack on the Exchange

The news comes only a few days after the official Twitter handle of cryptocurrency exchange KuCoin said that it had been under attack for over an hour. The exploit resulted in the loss of about 22,638 USDT from various users, which is equivalent to $22,636. 

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According to the investigation, a total of 22 operations engaged with the fraudulent tweets. At the same time, KuCoin had guaranteed consumers that their assets are safe. 

KuCoin to Block Suspicious Addresses

To avoid a repetition or a similar situations, KuCoin opted to block all suspicious addresses. Furthermore, there have been efforts to strengthen the platform’s security, including improving its two-factor authentication (2FA).

Notably, in November of last year, Kaspersky predicted that by 2023, hackers would be using the Metaverse to harm unsuspecting clients. Furthermore, according to a report conducted by the same cybersecurity firm in April of this year, Bitcoin phishing attacks jumped 40% compared to the previous year in 2022. 

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