KuCoin: Warning! Fake Exchange Still on the Loose
As KuCoin grows in popularity for hosting the hottest coins, copy sites are stealing funds.
A user has complained of accidentally sending funds to a cloned site of the KuCoin exchange, which is still active.
I'm going to post this so others can learn from my mistake. I was logging into Kucoin yesterday and must have hit a phishing link. Long story short my account with - a LOT - of money, is gone. Thank God it's not everything, but it's alot.— Dovi Levin (@doviscrypto) 31 січня 2018 р.
Tip box is always open, just saying 🤗
The official KuCoin domain, KuCoin.com, was cloned as ku-coins dot com, with all other features the same.
KuCoin now hosts 212 digital assets, from the leading coins to obscure post-ICO tokens. Its current daily volume is around $106 million. Adding to the fame of the exchange is the native KuCoin crypto asset, which is used for trading and to offset fees.
KuCoin Shares is paired with most of the leading coins, but also with NEO and Red Pulse.
But the most attractive asset at the moment, the rebranded RAI Blocks, draws in most investors, and is the most actively traded asset. Now, besides the glitches with withdrawals, KuCoin users would need to be aware of yet another danger.
The price of KuCoin shares was not spared from the most recent shakedown:
At the same time, the official Twitter account of KuCoin has mentioned nothing about threats, mostly focusing on adding new coins, as well as the occasional giveaway.
KuCoin lines up with Binance in inviting users to try out crypto trading, as the larger exchanges closed their doors, or refused new subscriptions. In addition, some of the fastest-rising assets are not easily available through other means, and the huge demand for exchanges has lifted KuCoin to popularity within months.
KuCoin Shares are also attractive for distributing a part of the exchange's earnings. Thus, users accumulate a "dust" of all coins traded, which adds up over time. The rewards are distributed proportional to the ownership of KuCoin Shares.
In addition, KuCoin plans to re-distribute its earnings by regular buybacks of KCS, until burning off half of the total KCS supply. This way, the native exchange tokens are decreasing, and not creating artificial liquidity, unlike Tether tokens, which have grown without restraint.