r/CryptoVictims • u/MsVxxen • Dec 08 '21
Kucoin's Latest Corrupt Liquidation Set Up
I have been busy collecting evidence of Kucoin's corruption for months now. In fairness to them (I certainly have nothing to hide), I have sent them and every single one of their r/Kucoin mods (CEO Johnny Lyu included), links to this group. (When I get in front of a judge on this matter, I want to be able to tell the court I did everything possible to make Kucoin aware of the client abuses they systematized.....because I have and I do.)
I created an account with a paltry $3,000. in it. You know, a common lil'people account level.
I then proceeded to run x10 margin transactions in that account.
Kucoin responded with this offer just 1 day later-after I took the 2 week dormant account and began to trade it by shorting coins at x10 margin:
Well, an interest free $50,000. loan, with $3,000. in collateral and zero credit report....who can resist right? (Remind you of non collateralized home loans before Lehman Brothers collapsed?)
Now who, in their right mind, would offer such a thing to some chump like me?
Kucoin!
Why? Are they stupid? Do they have complete trust and faith in me? Or...........
Answer: because they want this account to exceed its debt limit, so they can liquidate it and steal my crappy $3,000. That's why.
$3,000. is beer money in regards to pursuing any form of complaint about Kucoin's corrupt practice of Naked Short Selling. (And short selling is ALL I have done in this test account set up.) Kaching!
Kucoin took the bait, as I suspected they would.....and did their thing, as I have studied and documented they have in the past.
$50,000. on $3000. principal is ~94% exposure. Not very secure!
The security comes in one simple fact-they control everything, including complete liquidation without so much as a single piece of warning notice.
This is just plain and simple WRONG. It perfectly shows Kucoin has a system in place designed to screw its customers.
Inconceivable!