KuCoin’s Refusal To List Filecoin Met With Scorn

0

Last Updated on 17 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

The KuCoin exchange, which was in the news recently because of one of the largest hacks in the crypto scene, is having a hard time regaining the trust of users. The latest news involving their refusal to immediately list the now highly popular Filecoin was met with scorn on social media.

Advertentie.

204 million returned

When several wallets of compromised crypto-assets were emptied by hackers at the end of September, many thought it was the end of the line for popular crypto platform KuCoin.

The stolen goods included more than 1,008 Bitcoins (BTC), 26,733 Litecoins (LTC), nearly 10 million Stellar Lumens (XLM), 18 million XRP, 153 million dollars of Ethers (ETH) and various ERC20 tokens. Despite the shock, the KuCoin teams were able to react quickly to lessen the effects of the attack and quite soon they were able to report that police investigations had proven successful.

Furthermore, by working with other exchanges and the teams of the relevant crypto projects, KuCoin CEO Johnny Lyu was happy to announce that some $204 million, of the $281 million which had been stolen, was recovered.

Filecoin refusal

But just as Kucoin was working to regain the trust of its users, the launch of Filecoin proved too difficult for the platform.

Filecoin launched to great fanfare this week and many customers of KuCoin were eager to invest in the new crypto, which knew a stellar start.

However, a statement released by Kucoin said:

Due to the large fluctuations in the market, the Filecoin (FIL) perpetual futures scheduled to be launched at 16:00:00 on October 16, 2020 (UTC+8) will be postponed. The revised launch time is to be determined. The KuCoin Futures team will release an announcement that will include the updated launch time and date. We apologize for any inconvenience this may have caused.

Users were not amused, reacting:

How many more reasons do you need not to trade with this mickey-mouse outfit?

Another stated:

They are probably lagging on these because if they just release trading for all their volume will go to 0 KuCoin is straight up garbage for not unlocking our coins for withdrawal.

Sounds like CEO Johnny Lyu still has some work to do to regain user trust.