JuCoin Faces Scrutiny Over $511M Reserve Claims and Withdrawal Delays

According to on-chain investigator ZachXBT and reports shared by Wu Blockchain, cryptocurrency exchange JuCoin came under scrutiny over the past week after users reported withdrawal delays and questions were raised about the exchange's reserve composition. JuCoin attributed the withdrawal issues to platform upgrades and restructuring efforts.

ZachXBT questioned JuCoin's reported reserve figure of approximately $511 million, particularly the composition of assets listed as USDC and USDT on JuCoin's proprietary JuChain network. Reports indicated these tokens may be project-issued assets rather than officially issued stablecoins from Circle or Tether, and concerns were raised that the reserve wallet held nearly all tokens while concentration in a single wallet raised questions about liquidity and verifiability of the exchange's reserves.