User of ZB.com Crypto Exchange Accuses Platform of Reporting Him to Police After Generating Earnings


Every company in the world has a certain user agreement that participants have to abide by to continue interacting with it. Most of the time, violation of his agreement, which is usually a condition of creating an account, will get the user kicked off of the forum. However, a user on ZB.com with the surname Zhang has accused the crypto exchange of reporting him to the police, based on a post in the 8btc forum.

In his claim, Zhang says that he has a 400,000-yuan ($58,000) balance in his account, which was allegedly frozen by ZB.com. He adds that, upon earning the funds on the ZB.com platform, the company proceeded to call the police on him. While he said that he attempted to report the freeze of his funds to the same police force, he found that the authorities could not follow the case, since he did not have the address.

The user agreement for the website was allegedly violated, resulting in the freezing of funds. In particular, the part of the agreement violated said,

“Users shall not maliciously interfere with the normal operation of crypto asset transaction and shall not influence the normal operation of the platform and other customers’ activities on the platform by any technical means or other means.”

Zhang had discovered that no pending bids between 10 and 20 yuan were available on the platform. He decided to buy orders that offered above the 10-yuan baseline and to post orders to sell above the buying price. By doing so, he would always have buyers and sellers, and he would profit from the difference.

His transactions earned him 700,000 ZT in 48 hours, frequently using the PCC/ZT trading pair to do so. That sum was worth 200,000 (almost $30,000). He sold 10,000 PCC of that amount, and his account was frozen the very next day.

ZB.com momentarily surpassed Binance in daily trade volume when it reflected the total amount of $606.7 million, according to CoinMarketCap. However, it did not last.

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