Dear KuCoin Users,
KuCoin has many levels of security measures in place to ensure user’s funds remain safe and are protected against any number of threats. One of the precautions KuCoin takes is to never hold 100% of tokens in hot wallets.
If the amount of withdrawals increases too quickly for any particular reason, or no reason, the system will hold withdrawals automatically to ensure it is not a hack producing the increased fund withdrawals.
The hot wallet security measure was tripped today by QLink (QLC). All transactions were stopped by the system when the security parameters were met. The funds in the hot wallet quickly reduced and that resulted in a cease trade.
KuCoin would like to ensure all users to know their funds are SAFE, and that the activity to transactions was stopped due to suspicious withdrawal activity. Withdrawals will resume automatically once the funds inside the hot wallet are replenished to acceptable levels in order to keep up with the increasing demand of withdrawals.
Thank you for your support!