• Crypto exchange KuCoin has confirmed that a wallet address allegedly responsible for launching thousands of memecoin scams belongs to one of its users.
• The exchange will not freeze the user’s assets without any official notice from law enforcement.
• KuCoin urged community members to report suspicious behavior and submit relevant materials to its team.

Rug Pulls Allegedly Connected To KuCoin User

A community member identified a wallet address that had allegedly been used to launch several memecoin rug pulls daily for almost two years. Crypto exchange KuCoin then confirmed that the address belonged to one of its users.

KuCoin’s Response

In response, the exchange stated that it would not freeze the user’s assets without any official notice from law enforcement. It also encouraged community members to report suspicious behavior and submit relevant materials to its team in order for it to take appropriate measures according to user agreements and Seychelles laws.

Etherscan Marking Address As Fake Phishing Wallet

Meanwhile, blockchain explorer Etherscan marked the said address as a fake phishing wallet. This caused some concern among crypto enthusiasts on social media platforms such as Twitter, where other users pointed out that the wallet addresses were “owned and controlled” by KuCoin itself.

Suspicious Behavior Should Be Reported

KuCoin urged members of the cryptocurrency community who encounter any suspicious behavior or activities related to their platform, wallets or accounts should make sure they report it firstly to police and submit related materials and documents afterwards so they can cooperate with law enforcement agencies in taking necessary temporary risk control measures if needed.

< h2 >Conclusion The issue with alleged daily rug pulls connected with a KuCoin user is still ongoing, with no clear resolution yet in sight . Nonetheless , by encouraging people in the cryptocurrency space to report any suspicious activity , this could help reduce similar incidents in future .