KuCoin Confirms an Exchange User Is Behind the Daily 3-5 Memecoin Rugs

KuCoin confirms that one of its users is allegedly behind thousands of memecoin scams. The exchange acknowledged that the wallet address identified by a community member belonged to one of its users, however stated that it would not freeze the account until it receives official notice from law enforcement.

The wallet address in question allegedly launched two to five memecoins daily for two years. Another community member pointed out that the wallet addresses were “owned and controlled” by KuCoin.

In a statement, KuCoin's Johnny Lyu clarified that the exchange takes the issue seriously and is cooperating with relevant 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.”

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