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KuCoin reportedly influencing users to sell SHIB tokens
According to a recent report, KuCoin influenced users on the exchange to sell their Shiba Inu tokens. As per a leaked email, the platform provided its users the opportunity to short SHIB and gain 5x leverage.
Here's how KuCoin supposedly influenced users
According to a report, KuCoin has asked Shiba Inu token holders to short their SHIB tokens and provided leverage of 5x for the same. Furthermore, the exchange is providing as much as $15,000 in reward for indulging in such transactions. A Reddit user shared a leaked email who claims that the firm has talked of giving away rewards in the said mail."Dear valued KuCoin user, SHIB/USDT price decreased by 34.6% last week, if you short $1,000 with 5x leverage, now it will be worth $2,730. Go to trade SHIB contract, profit more from the market fluctuation, and share a reward pool of $15,000," the email from the exchange read.
The said manipulation of crypto prices is what needs to be tackled. The existence of outside figures and firms have always influenced crypto prices and is a major reason why the SEC rejected VanEck's spot Bitcoin ETF.
Investigation into the matter
A popular YouTuber and crypto enthusiast, Tom Zuzolo, dug deep into KuCoin and its price manipulation tactic. According to Zulolo, the firm is promoting a token by the name Torum Coin over Shiba Inu."In my opinion, this is a deliberate manipulation to try to take the energy out away from Shiba Inu and try to intersect and advertise Torum on their platform. Step one for them is to cut down Shiba Inu, step two is to introduce Torum as replacement. This is textbook manipulation," said the YouTuber in his video.Shiba Inu had the time of its life in the month of October, rising by more than 900%. However, the month of November has been stagnant for the token, with sluggish price growth. SHIB was listed in KuCoin in the month of May and since then, has come up a long way.
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