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KuCoin Reveals Platform User Behind Daily Rug Pull Events

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Rug pulls, and crypto scams are a source of concern to investors and regulators alike.

KuCoin Exchange, one of the largest crypto exchanges worldwide, confirmed that the address behind multiple meme coin scams belongs to one of its users.

The shocking revelation brings exchanges under more scrutiny and regulatory pressure.

The U.S. Security and Exchange Commission (SEC) and other regulatory bodies frown at crypto scams and investigate crypto exchanges for loopholes to protect crypto investors.

Binance and Coinbase are notable names recently under regulatory scrutiny. KuCoin joins the list of exchanges compromised by dubious users.

Twitter User Traces Dubious Wallet Address

kucoin

Source: Twitter

CoinGuruu, a Twitter user, identified a wallet address that launched two to five meme coins daily.

 James Edwards, another Twitter user, claims the wallet address in question was owned and controlled by the KuCoin exchange.

READ ALSO: Hong Kong Urges Local Banks to Be Friendly with Crypto Firms

Also, he stated that Etherscan had already flagged the address as ‘Fake_Phishing179336’. KuCoin confirmed the allegations that the wallet address indeed belongs to one of its users.

However, Johnny Lyu, Kucoin’s CEO, stated they would not freeze the account except it receives a notice from the relevant authorities.

According to Lyu, when the reporting party has provided the necessary legal documents and records and followed procedure, they will cooperate with law enforcement.

Also, Lyu added that all suspicious behavior observed by its users or the public must be reported to the police with relevant documents.

KuCoin Twitter Account Hacked Earlier

kucoin

Source: Twitter

Kucoin announced on their official Twitter handle that their Twitter account was hijacked for around 45 minutes on April 24, 2023.

The hack featured a fake giveaway event that prompted customers to lose their funds.

The exchange identified 22 transactions where users lost their funds and promised to reimburse the losses.

Victims of this hack were encouraged to contact the company for assistance and restitution. KuCoin promised its users to implement more effective security measures while further investigations in collaboration with Twitter are ongoing.

Hacking Twitter accounts seems to be a new strategy by scammers, as a similar event occurred on CoinDCX’s Twitter account in September 2022.

READ ALSO: What Is Cryptocurrency? Everything You Need to Know

Also, the Robinhood exchange was attacked on January 25, 2023, when hackers seized control of their Twitter account to promote a token.

These Twitter account hijacks also affected Web3 assets such as NFT.s Azuki’s Twitter account was compromised on January 28, 2023, resulting in losses of $758,000 within 30 minutes.

These events raise concerns in the crypto community over the authenticity of events such as giveaways, even on verified Twitter handles.

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