Coinsuper Reportedly Stops Customer Withdrawals

  • Dozens of customers have been unable to withdraw their money and tokens from the exchange since late November, messages from telegram suggest.
  • At least seven users have filed reports with the police, which is currently investigating one case connected to the exchange.
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Hong Kong-based cryptocurrency exchange Coinsuper has allegedly stopped all withdrawals from the platform since late November, Bloomberg reported on 7 January.

The publication cited messages from the exchange’s official Telegram channel, according to which dozens of users have been unable to withdraw their money and tokens from the platform since late November, and at least seven have filed a report with the police. Backed by Pantera Capital, Coinsuper was founded in in November 2017 by a former senior executive of UBS Group AG. Bloomberg wrote:

“Hong Kong police spokesperson said by email that it’s investigating one case where a person who bought cryptocurrency “via an investment company” was unable to withdraw her funds since December.”

While the exchange has remained operational — registering roughly $14 million in daily trading volume — contact with its team seems to be impossible. The administrator of Coinsuper’s Telegram group had disappeared around November, and had only recently resurfaced to ask for users email addresses. Customers who responded told Bloomberg there has been no follow-up ever since.

The exchange’s management has also stopped responding to queries via email and WeChat around six to eight months ago, according to a partner from one of the exchange’s VC backers, who said the firm had already written off its roughly $1 million investment.

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