TechFlow news — cryptocurrency exchange KuCoin has confirmed that an address allegedly responsible for launching thousands of meme coin scams belongs to one of its users. However, the exchange will not freeze the user's assets without an official notice from law enforcement authorities.
On April 26, a Twitter user identified a wallet address that had been issuing two to five meme coins per day over a two-year period. Another community member pointed out that the wallet address is "owned and controlled" by KuCoin. The address has since been flagged as a phishing wallet on Etherscan.
KuCoin confirmed in a statement that the wallet address belongs to one of its users. KuCoin CEO Johnny Lyu said, "When the reporting party provides relevant legal documents, procedures, or report records, we will assist and cooperate with law enforcement agencies in taking temporary risk control measures based on complaints and reports, user agreements, and Seychelles laws."
The exchange also reminded community members that if they encounter any suspicious activities, they must report them to the police and submit relevant materials to KuCoin’s team. Lyu added that they would be happy to cooperate once the required documentation is received.
Earlier, on-chain analyst ZachXBT tweeted that within the past half month, a user had continuously created 114 meme coin scams, transferring all illicit proceeds to a single address (0x739c58807B99Cb274f6FD96B10194202b8EEfB47), with multiple funds being deposited into Coinbase addresses.
