I Don’t Think We Want Kucoin to Fail

Kucoin, the popular cryptocurrency exchange was hacked two weeks ago for what was reported to be $150 million dollars. It was later discovered that the severity of the hack was greater than first thought and that the total funds stolen were closer to $280 million. As one of the most prominent exchanges in crypto and I think I can safely say, one of the most respected, Kucoin faces arguably it’s toughest battle yet — surviving the 8th largest hack in crypto history.

In 300 words or less, I will try to explain, why we should not want Kucoin to fail.

Why is Kucoin Important to crypto and ecosystem?

Kucoin has long served as a bridge between the lesser-known and respected CEX’s (centralised exchanges) and the big 3 or HBO as they are often referred to (Huobi, Binance and OKEx). Speak to most token issuers and they will tell you they see Kucoin as a respectable exchange where obtaining a listing there is difficult enough to be considered in the upper-echelon and worth the uphill battle, but obtainable enough to aim for it in a mid-term liquidity strategy.

I have worked supported a number of crypto projects with their exchange listings and both from my side and theirs, Kucoin as always been near the top of the blockfoodchain.

What’s Next?

The more important question is, If Kucoin is forced to shut down, will another exchange take its place, and if so, whom? In the last few months the most active exchanges listing new projects that have garnered a strong community and positive price appreciation would be; Bitmax and MXC. Gate.io has also been around since 2013 and viewed similarly, but is the least active of the three.

Whatever the outcome of Kucoin, there is a clear opportunity for an emerging exchange to capitalise on Kucoin’s hack and become the trading venue of choice amongst a global audience of crypto traders.