The cryptocurrency industry is facing a bit of turmoil thanks to disappointing news from Hongkong. According to reports, customers of a cryptocurrency exchange in the city have not been able to withdraw their funds for over a month. A lot of people expect news of another scam to hit the headlines soon.
According to reports, many investors in the Coinsuper exchange have had trouble withdrawing money from their accounts, according to a Bloomberg report. It is believed that seven or more customers have lodged complaints with the police about this matter. Five of these customers have a combined amount of $55,000 at the exchange.
In spite of all these problems and police reports, the exchange continues to operate, with a reported trading volume of more than $10 million in over 24 hours. This volume is not as large as the $11.9 billion trade executed by Binance in the same time frame.
Reports also indicated that Coinsuper’s Telegram administrators stopped answering customer inquiries about their funds since late November. Other investors are also nervous and expect bad news after it came to light that VC companies backing Coinsuper wrote off their $1 million investment.
It seems like many employees of the exchange have quit their jobs between July and December 2021. These developments indicate that the authorities in Hongkong intend to take regulatory action soon. The Coinsuper exchange saga has yet to be unraveled and investors in other exchanges are still waiting to receive news on getting reimbursed.
