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KuCoin Announces The Delisting Of 7 Altcoins: POLY, SUB, ABT, ARN, DTA, IHT And QSP Tokens
KuCoin Announces The Delisting Of 7 Altcoins
Earlier this week, the KuCoin digital currency trading platform declared the delisting of 7 altcoins from its asset portfolio. The announcement was made through a post on Twitter.
The exchange explained that the tokens were delisted based on their ‘special treatment’ regulations. The affected tokens are listed below.
- Arcblock (ABT)
- Aeron (ARN)
- DATA (DTA)
- IHT Real Estate Protocol (IHT)
- Polymath (POLY)
- Quantstamp (QSP)
- Substratum (SUB)
Although the majority of the delisted tokens are insignificant to investors, Polymath (POLY) and Substratum (SUB) stand out. In 2017, POLY was regarded as one of the most promising crypto projects after raising almost $60 million during its ICO. SUB, on the other hand, has been on the limelight for allegedly misappropriating the proceeds from its token sale.
The delisted assets will no longer be available for trading on KuCoin as from February 3 at 6:00 p.pm (GMT +8). Withdrawals, however, will be available until May 3.
KuCoin Exchange Users Can Buy Bitcoin, Ethereum, XRP and Litecoin via New Credit Card Option
One of the Singapore based crypto exchanges, the KuCoin has gone ahead to support the purchase of some of the significant crypto coins in the market, this is with the direct use of credit or debit cards. Thus this has been able to provide the exchange with a first fiat on-ramp.
According to an announcement that was made by the company, users are able to easily purchase Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin (BTC) through the new partnership they have gotten into with the Simplex company. The Simplex company has been established as a leading payment process platform that has proven results. Not forgetting the Binance platform also went ahead to announce a similar arrangement that they have gotten into.
More On The Partnership
The Simplex platform will be charging a 5% fee on all the transactions made having a minimum of about $10, and from here the KuCoin platform will not be charging any additional costs to their customers.
The KuCoin card for the company does not offer any direct access to the favorite altcoin exchanges, this is the likes of Grin and BitTorrent, but with the new functionally in place it will only take 5 to 30 minutes to complete. As a result, this will allow investors to use their new crypto to be able to buy their own altcoin of choice within the exchange platform.
KuCoin Exchange Leads In Listing The Caspian Token (CSP Coin) For Institutional Investors
KuCoin Exchange Leads In Listing The Caspian Token For Institutional Investors
Caspian, an institution-oriented cryptocurrency trading network which also offers managerial features for these portfolios recently got its native token listed on KuCoin exchange. The Caspian token is now available for exchange purposes on this Singapore based digital asset trading platform.
The move marks a major milestone for Caspian within the crypto arena as KuCoin leads the way for other exchanges to embrace the token as well. Robert Dykes, the CEO of Caspian, said that they settled for KuCoin as the first to list CSP token owing to their aligned goals and interests. Basically, both KuCoin and Caspian aim at expanding the market share of institutions investing in digital assets.
Caspian’s ecosystem is designed for portfolio managers taking large positions in the market and individual traders as well. The platform’s products include; Risk management system (RMS), Portfolio management system (PMS) and Order & execution management system (OEMS). Furthermore, users can execute trades through the single window that links other popular crypto exchanges. Clients can exchange various digital coin pairs through this window, get real-time exposure in profit/losses and route smart orders.
According to the information on Caspian’s website, the firm plans to expand its services by setting up physical offices in Sydney, Cluj-Napoca, New York, Jersey, Tokyo, and Hong Kong. Towards the end of 2018, Caspian winded up its CSP coin sale and managed to raise $19.5 million. Initially, the company sold $16 million as pre-sales of the CSP tokens.
Caspian’s Strategy To Increase Liquidity
The institution grade crypto trading and management platform is currently seeking to increase activity within its ecosystem. As a result, Caspian has partnered with other crypto players like B2C2 to extend over-the-counter services to its clients.
Jethro Glover, Caspian’s lead of Business Development in Asia, stated that the OTC fundamentals were important to boosting liquidity while discussing at an Asian FX EXPO panel. Therefore, Caspian opted to include the OTC part of the market maker in its ecosystem.
Other significant partnerships include that with Simplex, Caspian users can purchase crypto coins using debit or credit cards owing to this working relationship. Dyke is optimistic about the partnership;
“Both companies are focused on institutional investors, high standards of customer service, cutting edge technology and a commitment to quality.”
Was KuCoin’s IEO a Massive Failure? Possible Bot & Exchange Mismanagement
Earlier this week (April 3rd, 2019), KuCoin launched its first official IEO on their platform for a cryptocurrency project called ‘MultiVac’ ($MTV).
KuCoin announced this from their official communications on their website on March 26th, 2019.
The announcement included fundamental information about MultiVac’s metrics as well as other tangential information about the project.
KuCoin’s exchange currency ($KCS; KuCoinShares) were needed to participate in this IEO.
Major Problems With the Launch
The first and biggest problem with the launch was the fact that the IEO essentially sold out in less than 5 seconds despite the fact that customers were required to both fill in their password/pin details, complete a captcha and choose their desired order amount before completing a purchase.
Obviously, the idea that any human being would be able to complete all of these tasks in the given time is highly implausible. So many users came to the conclusion that there were was a massive influx of bots on the platform that had essentially front run the entire IEO.
Below are some responses from users that had unsuccessfully attempted to purchase some of the ‘MTV’ token from KuCoin at the time of the IEO launch:
Response From the KuCoin CEO
After mounting scrutiny, videos, and attention from the bulk of the KuCoin userbase as well as the widespread crypto community, the KuCoin CEO (Michael Gan) reassured users that the platform would look into the possible usage of bots and explore potential solutions if evidence of such were found:
Per the tweets above by Michael Gan, there were approximately 100 users on the platform that completed a purchase on the platform within 3 seconds. It is unknown whether this number represents the total number of users that were detected by KuCoin or simply the number of users that they had detected at the time that Michael Gan had posted the tweet.
In either case, the above tweets appear to be irrefutable evidence from the KuCoin CEO that there was clearly some level of ‘bot’ behavior in the purchasing of the $MTV cryptocurrency.
As stated above in this report and by many other users, the necessary process that had to be completed in order to participate in the IEO would have required that a normal human being spend at least 6–10 seconds to complete.
The CEO of KuCoin also confirmed that KuCoin would be moving to a lottery system in the near future.
Response by MultiVac
The next day (April 4th, 2018) MultiVac tweeted a response to the situation, stating:
Many users were quick to comment on the announcement by stating that it was not a sufficient remedy to the issue of bots.
Yet Another Problem with the KuCoin Sale
On top of the major issue with bot usage on the platform, there was yet another error on the part of KuCoin exchange, which Michael Gan alluded to in his next set of tweets following the ones addressing bots on the KuCoin exchange.
Specifically, Michael Gan stated:
These tweets were in response to users that happened to be quick enough to receive $MTV from the platform that were later surprised to find that their $MTV purchase had not gone through.
According to Michael, this was due to the fact that users had made the incorrect assumption that they still had $KCS (KuCoin’s exchange token) still in their possession and had placed a successful sell order for it. Therefore, when the exchange did decide to remove the corresponding $KCS from their balance to account for the user’s purchase of $MTV from the IEO, the user in question would have insufficient funds if they had made the decision to sell their remaining $KCS.
This resulted in the KuCoin exchange invalidating those trades and simply sending the $MTV back to the ‘pool’ of available funds from the IEO.
According to Gan, this was the reason why some users were able to obtain $MTV well after the conclusion of the token sale despite others being told that $MTV had already been sold out.
Notably, the revelation of this information caused even greater anguish among disgruntled users of the platform.
How Bots Were Used On KuCoin
Fortunately, Zerononcense is in consistent contact with its researchers and experts. Thus, Zerononcense was able to ascertain exactly how bots were able to take advantage of the platform’s setup to ensure that they could beat the rest of the (human-operated) crowd to purchase the tokens being offered by $MTV through their IEO.
According to Zerononcense researcher, ‘Robin’:
Overall, when looking at the situation in its entirety, it is hard to call the KuCoin launch a ‘success’ of any sort. A significant number of users were made, an unfair and unethical ‘hack’ / ‘exploit’ was used to facilitate the purchase of nearly all of the tokens before regular users had a chance to purchase them, and KuCoin did not extract the $KCS that was used to purchase the $MTV token from account balances in a timely fashion, so even some of those that did purchase the $MTV tokens in time were denied the ability to keep them.