Kucoin Warns Over Fake GemVote Project Agents

Cryptocurrency exchange Kucoin recently alerted its users after noticing unusual voting activities on several projects as the platform’s GemVote Project kicks off.

Following these malicious acts from fake GemVote project agents, the Kucoin risk team assured users via X that they knew some individuals/agents trying to sell “valid” tickets for Kucoin’s GemVote-related projects. They further stated that they do not encourage such behavior and will exclude abnormal votes after the investigation.

Dear Community Members and Valuable Partners,

We are aware that some individuals/agents are trying to sell "valid" tickets for our GemVote to related projects. We advise the project teams to be cautious and avoid scams. On KuCoin, we do not encourage such behaviour and will… pic.twitter.com/jC10kW2rZb

— KuCoin (@kucoincom) June 8, 2024

KuCoin Delays GemVote Phase 1 Conclusion Amid Investigation into Abnormal Voting Activities

Furthermore, KuCoin announced a delay in the conclusion of GemVote Phase 1 due to abnormal voting activities on several projects. The exchange’s risk team indicated that necessary actions would be taken following the completion of their investigation, and a public announcement would be issued.

KuCoin emphasizes that voting products are designed to facilitate an organic voting process for users’ favorite projects and is committed to enhancing its product for better user experiences.

The investigation results into the irregularities in GemVote Phase 1 will be announced shortly. KuCoin appreciates the understanding and patience of its users during this period and encourages anyone with questions or concerns to reach out for further information.

KuCoin Partners with Law Firm for Lawsuits

KuCoin has partnered with A&O Shearman to handle lawsuits from the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). KuCoin CEO Johnny emphasized the company’s dedication to working with regulators and policymakers.

On April 13, KuCoin’s Turkey X account was hacked, and false announcements were posted to deceive users. KuCoin quickly deleted the false post and assured users that their funds remained secure. The breach did not affect user funds, providing some relief amid the security concern.

In other news, KuCoin launched a new product called GemSPACE. This platform aims to help users discover emerging “crypto gems.”

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