Coinsuper's consumers claim that they are still having issues when it comes to funding withdrawal. Some of them said that their funds are being held by giant crypto exchange company.
Physical imitation of Bitcoins are pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul on October 20, 2021, a day after Bitcoin took another step closer to mainstream investing with the launch of a new security on Wall Street tied to futures of the cryptocurrency. (Photo by Ozan KOSE / AFP)
Because the issue seems to be a serious one, some affected users already reported to the police. The frozen fund problem of Coinsuper started back in November 2021.
This detail was based on the chats of Coinsuper's consumers on the crypto exchange's official Telegram chatbox. As of the moment, Coinsuper hasn't released any statement yet if there's already a fix.
However, the cryptocurrency exchange service recently asked the consumers to provide their email addresses, which can be a hint for the needed fix. But, the company hasn't conducted a follow-up to this activity, as reported by Bloomberg.
Coinsuper's Fund Withdrawal Issue Remains
According to CoinDesk's latest report, one of the company's traders complained that he lost access to around $20,000 deposit. The consumer added that he notified the authorities since Coinsuper's administrator hasn't replied to his inquiry.
LONDON, ENGLAND - APRIL 25: In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation.
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This is just one of the concerns that the crypto exchange's users are currently complaining about. As of the moment, the cause of the massive frozen fund issue hasn't been identified.
But, some experts observed a decreasing trading volume in the platform. Based on their findings, the latest transaction only includes $20 billion, which is a fraction of Binance's regular crypto trading amount.
There's also an instance when the crypto company only had around $1 billion transactions a day. Because of the current fund issue, some investors are not actively getting in touch with the company since it has not been responding to their messages.
These include an anonymous investor, which spent $1 million in the Hong Kong-based cryptocurrency.
Coinsuper's Issue Can Affect Crypto Trading in Hong Kong
Since authorities are now involved in the frozen fund problem of Coinsuper, enthusiasts warned that Hong Kong might soon become more strict when it comes to crypto trading regulations.
As of the moment, the Asian country is still allowed cryptocurrency transactions to remain unregulated. But, this might soon change.
In other news, Mozilla's founder attacks the web browser's decision to accept cryptocurrency donations. Meanwhile, Durafi was able to raise a pre-seed round.
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Written by: Griffin Davis
