YEREVAN (CoinChapter.com) — KuCoin, the cryptocurrency exchange headquartered in Seychelles, is facing fraud accusations again. The controversy surrounds TRIAS, the native token of the Trustworthy and Reliable Intelligent Autonomous Systems, an all-platform-supported public chain. According to several reports on social media, many traders have their funds trapped in the exchange after KuCoin suspended withdrawals in the altcoin.
What is happening with the TRIAS token on KuCoin?
The situation with KuCoin and the TRIAS token has a long history of speculation and uncertainty. Last year, on Sept. 19, 2023, rumors hit the newsstands that KuCoin had issued a “Special Treatment” (ST) tag for TRIAS. This led to fears that the exchange might delist TRIAS from its platforms.
KuCoin was the most popular market for the TRIAS token. According to the exchange, it assigns the ST tag to certain projects that it intends to keep under a mandatory review period to protect its users from risky investments.
However, although KuCoin did not confirm the delisting of the TRIAS token, its price tanked, losing 30% of its value over two days. Meanwhile, the TRIAS team announced it would expand its global presence by striking partnerships with other exchanges.
While writing, TRIAS price stands at around $11. This is over 60% below its all-time high of $31 from May 10, 2021.
What is happening now?
In the months that followed this development, the TRIAS project team reported that they had submitted all relevant documents to the KuCoin exchange. However, despite their efforts to comply, the exchange allegedly refused to remove the ‘ST’ tag.
This led the community to accuse KuCoin of intentionally trying to sabotage the TRIAS token. As one user stated, the altcoin has a $2 million worth of volume on the exchange. Yet, despite this fact, KuCoin maintains the “Special Treatment” tag when many with lesser volumes are allowed to trade normally.
The entire fiasco took an ugly turn recently when KuCoin opened deposits for TRIAS on both the Ethereum (ERC 20) and Binance (BEP 20) networks. Users took this as a positive sign and began depositing their tokens on the exchange.
However, the excitement did not last long. Soon, the exchange suspended withdrawals, trapping the users’ deposits on the exchange. This led to panic selling, sending the TRIAS price under the $10 mark.
TRIAS team hits at a breakthrough with KuCoin Exchange
Amid the calls for a boycott of the KuCoin exchange, the TRIAS team shared good news. According to social media posts, the developers informed fans on Telegram that the ‘Special Treatment’ (ST) tag will be removed soon.
As per screenshots circulating on X (formerly Twitter), the project has asked fans not to attack the KuCoin exchange.
The fans of the token seem to have received the appeal from the team well.
“When the team says they expect the ST tag to be removed soon, it’s not a random guess, it’s based on conversations with the KuCoin team,”
one user wrote.
With the fans believing that the TRIAS token price will rally further, it remains to be seen if they can get rid of the ST tag soon.
Lately, KuCoin has been involved in a series of controversies. Last month, the exchange agreed to a $22 million settlement with the state of New York that saw it exit the state completely.
In November, users had taken to Reddit to accuse the exchange of misappropriating their deposits. According to them, their deposits did not show up in their accounts and KuCoin refused to return their funds.
More recently, KuCoin was among the list of exchanges that the Indian authorities banned in the country. Early this month, the Financial Intelligence Unit (FIU), working under the Ministry of Finance, asked the Ministry of Electronics and Information Technology (MeitY) to block the URLs of nine offshore crypto exchanges.
As a result of this, Apple removed KuCoin from its India store to comply with the Indian Government’s orders. With the controversy now erupting around the TRIAS token, the KuCoin exchange will continue to remain in the limelight.
