KuCoin, a popular cryptocurrency exchange, recently confirmed that a user on their platform is responsible for allegedly launching thousands of memecoin scams over the past two years. The wallet address in question was identified by a Twitter user, who found that it had launched two to five memecoins daily during this period. Etherscan, a blockchain explorer, has since marked the address as a fake phishing wallet.
While KuCoin has verified that the wallet address does indeed belong to one of its users, the exchange will not take any action against the account until they receive official notice from law enforcement. Johnny Lyu, a representative from KuCoin, stated that the platform will cooperate with authorities once the necessary legal documents and reporting records are provided, in accordance with user agreements and Seychelles laws.
KuCoin encourages community members to report suspicious behavior to the police and provide relevant materials to the exchange’s team. They have reiterated their willingness to cooperate with law enforcement once the required documentation is received. This news comes on the heels of another challenge for KuCoin, as their official Twitter account was compromised on April 24, leading to some followers losing their assets. The exchange has since recovered the account and plans to reimburse the affected victims.