As per the latest news published on a news website, one of the great KuCoin exchange seemingly has planned to remove 16 tokens as compared to 2018. Convincingly, they merely were not money-making by themselves, besides this, it also gave an absence of volume of trade from the platforms from more than 5 million listed customers who were enough for them to be removed from the platform. Though, the part might have gone much additional, seeing a new challenge given to different coins on the policy.
It was seen that KuCoin had endangered a least of 4 projects with removing except where they were capable of making payment for more than $180,000 in volume-boosting fees. However, the reduced to 19% in regular trades, and KuCoin chastised them by exposing the tokens to Unusual Action instructions. As per the sources, the only technique to recuperate at present is to increase the volumes in any situation.
The wedged scheme supposedly comprises Jibrel, Encrypgen, and Unikrn.
COO Talal Tabbaa of Jibrel stated that,
“We received an email saying ‘you can improve your volume or you’ll be delisted. Then they recommended market-making firms that would help us reach the minimum daily volumes they set for projects. I was honestly shocked at the requests they were making.”
In speaking with The Block, Koepsell added,
KuCoin in a recent report also admitted that the individual who inscribed the emails to Jibrel is a present operative. Though, Tabbaa eventually turned down the suggestion to pay $180,000 a year, mentioning that they required to appeal usual request, rather than contributing in an offensive action that might turn out to be significant harm to the companies individual project.When KuCoin was reached by The Block, they admitted that the person who wrote the emails to Jibrel is a current employee. However, Tabbaa ultimately turned down the proposal to pay $180,000 a year, saying that they wanted to invoke “natural demand,” instead of participating in an unsavory activity that could result in major damage to their own project.Tabbaa added, “It was basically to do wash trading. I’m 100% sure. Whenever there’s a volume guarantee, you know there’s something wrong.”
Koepsell said that “they sent messages to us saying we were having issues with our volume and would we be interested in paying for market making.” The Block obtained their emails as well, showing a pitch of $90,000 for the package, which Koepsell would not pay. The Encryption token has since been removed. Koepsell added, “They buy a bunch and then sell a bunch at the market just to get the volume.”
A cryptoanalyst, Sylvain Ribes, clarified that “It sounds like wash trading, trading against yourself to inflate volume figures…You can be trade millions of dollars; it will do nothing to boost your liquidity.”