Dozens of clients of the Hong Kong-based cryptocurrency exchange Coinsuper reportedly complained they can not retrieve funds from the platform. At least seven of them have contacted the police regarding the issue.
Frozen Funds on Coinsuper
According to a January 7 Bloomberg coverage, the problem has occurred in late November. Five of the trading venue’s customers explained to the media that they are unable to withdraw a total of $55,000 (an amount consisting of both digital assets and cash). Looking for a solution to their problem, they have even filed reports to the local authorities.
Executives of Coinsuper could not be found to comment on the matter. In addition, the administrator of the exchange’s Telegram chat has stopped responding to queries about failed transactions over a month ago. However, last week, the admin asked affected clients to provide their e-mail addresses. Still, some of the users revealed there was no follow-up to this action.
A Hong Kong police spokesperson said the officials are investigating another similar case. An individual who purchased cryptocurrencies “via an investment company” was unable to retrieve her funds since December last year.
As of the moment, Coinsuper’s trading application remains functional. It even handled approximately $18.5 million of volume in the past 24 hours.
Hong Kong’s Crypto Environment
The special administrative region of China – Hong Kong – uses a so-called “opt-in” regulatory regime for digital asset trading venues, meaning they can apply to get supervised. According to Joshua Chu – a consultant at ONC Lawyers – this model is not particularly effective, and the city might change its policy soon.
Last year, the local lawmakers intended to apply a rule that would allow only millionaires to trade with digital assets in the megapolis. Christopher Hui – Hong Kong’s Treasury Secretary – agreed with the government’s plan opining it was a well-thought decision and its consequences could benefit the city.
Previous Issues with Coinsuper
Founded in 2017 and run by Karen Chen – a former executive at UBS Group AG – the platform has had a controversial history. At one point, a partner at one of the company’s venture capital backers, who did not identify himself, revealed his firm has written off its entire $1 million investment allocated at Coinsuper.
Nearly half a year later, his entity lost contact with the trading venue, while Chen stopped responding on WeChat. Additionally, numerous employees left Coinsuper between July and December last year.
Pantera Capital, managed by veteran bitcoin investor Dan Morehead, is one of the platform’s early backers. Back in 2018, it led a Series A funding round as the amount was undisclosed.
Check live crypto rates here
Start trading today – See our list of exchanges
Today, I went to the beachfront with my kids. I found a sea shell and gave it to my 4
year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed.
There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is completely off topic but I
had to tell someone!
It’s awesome to pay a visit this website and reading the views of all colleagues on the topic of this post, while I am also
eager of getting familiarity.
I do not know whether it’s just me or if everyone else encountering
issues with your blog. It seems like some of the written text on your posts are running off the screen. Can someone else please provide feedback and let me know if this is happening to them too?
This might be a problem with my internet browser because I’ve had this happen previously.
Hey very nice web site!! Man .. Excellent .. Wonderful ..
I’ll bookmark your site and take the feeds additionally?
I am satisfied to search out a lot of useful info
right here within the post, we want work out extra strategies on this regard, thank you for sharing.
. . . . .
Heya i’m for the first time here. I came across
this board and I find It truly useful & it helped me out much.
I hope to give something back and help others like you aided me.
Hello there! Do you use Twitter? I’d like to follow you
if that would be ok. I’m absolutely enjoying your blog and
look forward to new updates.
Hmm is anyone else experiencing problems with the pictures on this blog loading?
I’m trying to determine if its a problem on my end or
if it’s the blog. Any responses would be greatly appreciated.
I don’t know whether it’s just me or if everybody else encountering problems with your site.
It seems like some of the written text on your content
are running off the screen. Can somebody else please provide feedback and let me know if this
is happening to them too? This could be a problem with
my web browser because I’ve had this happen before.
When someone writes an article he/she retains the thought of a user
in his/her brain that how a user can understand it. So that’s why this article is great.
I’m amazed, I must say. Seldom do I encounter a blog that’s equally educative
and entertaining, and let me tell you, you have hit the nail on the
head. The problem is something which not enough men and women are speaking intelligently about.
I’m very happy I found this during my search for something relating to this.
Hey There. I found your blog using msn. This is a really well written article.
I’ll make sure to bookmark it and come back to read more of your useful information. Thanks for the post.
I’ll definitely return.
hi!,I like your writing very a lot! percentage we be in contact more approximately your article on AOL?
I need a specialist on this house to solve my problem. May be
that’s you! Taking a look forward to look you.
Hurrah! After all I got a web site from where I can in fact obtain useful facts regarding my study and knowledge.
Aw, this was an extremely good post. Finding the time and actual effort to produce a really good
article… but what can I say… I put things off a lot and don’t manage
to get anything done.
An impressive share! I have just forwarded this onto a co-worker who has
been conducting a little homework on this. And he in fact bought
me lunch because I found it for him… lol. So allow me to reword
this…. Thanks for the meal!! But yeah, thanx for spending some time to talk about this topic here on your web page.