Wolfonaire Chatbox : AMA With KuCoin (October 14, 2020)
Hello! Wolfonaire Family & Crypto Enthusiasts!
We recently hosted an AMA with KuCoin, on 14th October, 2020 at 1 PM UTC. This Session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speaker : Ms. Alicia | Senior Partner, KuCoin
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
Alicia : Hello, everyone. This is Alicia, the Senior Partner of KuCoin, and I’m currently in charge of KuCoin VIP relations including High-Valued customers, institutions, trading bots and more. I have led the VIP client service team to provide premium services to clients and partners of over 20+ countries.
Launched in 2017, KuCoin has grown into one of the most popular crypto exchanges, we just celebrated our 3rd anniversary last month.
Starting as a crypto-to-crypto platform, we currently provide a series of financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more. We have already obtained over 6 million users across 200+ countries and regions around the world. In 2018, we secured $20 million (USD) round A funding from IDG Capital and Matrix Partners.
We wanna make KuCoin a friendly, easy-to-use trading platform with many crypto hidden gems. Welcome to KuCoin and start your crypto Journey. ❤️
Wolf : Good To Hear.Could you please share with us some special features of Kucoin Platform?
Alicia : Yes, though we are offering a growing number of crypto-related services, the most popular ones are still spot trading on KuCoin, futures trading on KuCoin Futures and staking on our Pool-X platform. Each platform has a few interesting and unique features.
Let’s start with spot trading. KuCoin is often known for a wide range of tradable tokens. We now have nearly 250 tokens with 450 pairs. There are many hidden gems that can only be traded on KuCoin. Also, the liquidity is quite good on KuCoin, we are one of the top 10 exchanges in terms of real liquidity and we never fake our volume. You can easily buy or sell a few BTC on KuCoin without affecting the market price much. Also, we offer margin trading with up to 10x leverage for many major tokens.
Futures trading has now the second killer product of KuCoin. For its high risk, we are kinda cautious when introducing more serviced on Futures. Since going online in July 2019, KuCoin Futures has supported Bitcoin perpetual and quarterly contracts as well as USDT-Margined contracts. We have the world’s first Lite Version futures platform, where it only takes 30 seconds to register and 1 minute to learn how to trade futures, making each trade easier. With its rapid development, KuCoin Futures has provided contract trading services to over half a million users and the highest daily trading volume has exceeded USD 200 million.
As ETH 2.0 is coming soon later this year. Staking is getting more and more popular and it’s a good way to earn passive income. Pool-X is a staking platform that pioneered a free market that solves the liquidity problem of staked crypto. We now offer the staking service for about 30 tokens. And in the liquidity trading market, users can unstake their staking assets any time, enjoying a more flexible staking experience. Pool-X has provided staking services to over 300,000 people since its establishment.
We will continue to introduce more services that can help our users better manage their digital wealth.
Wolf : Awesome❤️! Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Alicia : The initial goal of KuCoin is to build a simple and easy-to-use trading platform, allowing users to trade easily in the crypto industry. So far, we are still BUIDLing on the basis of our roadmap. For most milestomes, we achieved them as expected while sometimes we failed to deliver things on time, the industry in just changing too fast for us to keep everyone on track. But we adjust along with the industry and always work on what our users desire for most. For instance, many users ask us to introduce a Dust Collector feature, allowing them to convert small assets into KCS. And just a few days ago, this feature has been officially launched.
For the rest of this year, some other things on our roadmap including KuChain & KuDEX, we will try deliver them as scheduled
The most recent issue we encountered must be the Security Incident happened by the end of last month. It’s totally unexpected and also our first time to handle such case
After the incident, we react quickly to chase for stolen funds, being transparent in all progress and being responsible to cover all possible losses from our users. As of now, KuCoin has resumed trading services for almost all tokens, opened deposit & withdrawal for about 100 tokens including major tokens like BTC, ETH, and USDT.
Also, we have gained support from many supports from project, exchange and security partners. Much appreciate. As of now, over 204 million funds are out of the control of the suspicious addresses.
We know that we are not doing perfact in dealing with this incident and there are still many issues leaving to be solved. We wanna let all our users to rest assured that KuCoin will take the responsibility to solve all associated issues and make KuCoin a more secure and reliable platform.
Oh, also, I’d like to thank all the people who send us their encouragement in this difficult time. And also those who expressed their trust and understanding on us. ❤️ Means a lot to us.
Wolf : Phenomenal,Really happy to see how KuCoin doing their best to solve this issue.Can you please share about your insurance fund policy in leyman language?
Alicia : Yes sure! Actually users won’t be involved in the process. As we promised, if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund. KuCoin is working with 3rd party custody company and they are backed by insurance companies. So if any user is affected, they do not need to do anything. They could make a full withdrawal once the service has been resumed for related tokens. And if necessary KuCoin will replenish the digital assets with our own funds.
Wolf : Awesome.After that hack many fudders keep sharing some post about the involvement of members from Kucoin Team in that hack?Must enlighten here to wipe out this fud….
Alicia : Yes we see this kind of FUDs as well
KuCoin established the Special Task Force gathering internal security experts and external industry professionals right after the incident bursted. With top-notch tech capability, we have carried out thorough investigation against the hacker’s attack path, and inch-by-inch search, now we have obtained substantial clues to locate the suspects.
Based on all these info, we are now working with law enforcements across countries and regions. As asked by the law enforcements, we will be able to publish all the details once the case is closed. Please always refer to KuCoin officials or admins for any updates on this, there are too many FUDs in the crypto space 😅.
Wolf : After that hack many projects changed their token smart-contract,what are your further steps for those who didn’t change their smart contract?
Alicia : Actually over 100 projects are affected in this incident and we are in contact with all of them to discuss the possible solutions. As of now, many projects chose to do a token swap with the support of the KuCoin team and quickly resumed full services on KuCoin. Both KuCoin and our project partners see this as a good option as it can prevent asset losses, while avoided a disastrous secondary market tumble.
Also, I’d like to highlight that token swap is just one of the multiple solutions. Each project has their own situation and consideration and it’s understandable that not all projects can do this.
Our current focus is to resume full services for all tradable tokens on KuCoin and for those haven’t resumed. We will discuss with the team and figure out the best solutions for token holders, the project and KuCoin users. The solution may vary from project to project but the main principle is always the same: if any user fund is affected by this incident, it will be covered completely by us.
Now Group Question & Answer Session 1 Began
Q1. How Can Kucoin build Trust again so that users feel Secure to use this Platform?
Ans. Good question. Many people believe DEX will be the future and many people at KuCoin believe so as well. KuCoin’s goal is to deliver a pleasant & convenient trading experience and it does not necessarily to be delivered by a CEX. We are building our own DEX actually. And I think in the future, CEX and DEX will not be like one replaces another but co-exist as they both could meet the needs of certain people. For uers who like DEX, they can turn to KuDEX and we don’t need to pursuade them to use a CEX like KuCoin. ❤️
Q2. What kind of market research and case study is done to give green light to projects before listing? What are your thoughts on DeFi and NFT hype and their future as an industry and how Kucoin will lead it as a major cryptocurrency exchange?
Ans. Yes KuCoin wants to be the home of hidden gems and we are working towards this. We have a project research team of nearly 30 people. They will look into many promising blockchain projects and choose those with good tech prospect and potential to list. RioDeFi and Filecoin are just some of them. DeFi & NFT are quite trendy recently while all hype comes with buddle. We are happy to support the leading players in these fields, not only leader today, but those in the future.
NFT for instance, we are going to launch a very interesting campaign with DEGO. You will be able to gain NFT by depositing DEGO and the NFT will be able to be used to mint/farm KCS & DEGO token on KuCoin.
Q3. How do you compete to attract traders to KuCoin with major exchange that provide many features such as OKex, BitMax, Binance? give me 1–3 reasons why I should choose KuCoin ?
Ans. 1. More hidden gems; 2. Competitive Fees; 3. Pleasant experience (no overload during peak hours); 4. Reliable and efficient support.
Q4. What was the fault you found in the Security Auditing in recent Hack?
How will You ensure it will not happen in Future?
Ans. To be honest we found plenty of things to improve from the incident and we are learning from it. There’s no upper limit for security and we believe KuCoin will be largely improve our security level after this incident.
Q5. KuCoin is one of two exchanges that support Level 3 data push, most exchanges only support Level 2. Please explain more about LEVEL 3 DATA PUSH?
Ans. Sure, the only 2 exchanges offer level 3 data push are Coinbase and KuCoin. With level 3, users will be able to check every trades on the platform, meaning that we are 100% transparent and there is 0 price manipulation by us here.
Q6. When will KUCOIN resume deposits and withdrawal ?
Ans. We have resumed full services for about 100 tokens including many major tokens like BTC, ETH, USDT, DOT… and more will follow ❤️
Q7. The first DeFi project on KUCHAIN was COMBO, can you explain how you seek to ONBOARD and convince developers to switch to KUCHAIN for building?
Ans. KuChain is faster and easier to use to developers, and it’s built for the DeFi industry. The mainnet of KuChain will be launched in Q4 this year and KCS will be the native fuel. We have seen very positive feedback from the developers who have tried the testnet of KuChain. Stay tuned please.
Q8. How do you feel about wash trading by market makers on the KuCoin exchange? Can you be sure that the trading volumes on KuCoin are not fake?
Ans. I can not say 100% but at least 95%. KuCoin does not do wash trading and we require all our partners not to do so. We monitored such behavior from time to time and asked them to stop immediately.
Q9. Do you plan to open a yield farming program through KCS staking?
Ans. KCS staking has been planned for a while and it will be available after the mainnet of KuChain has been launched. It will be more profitable compared with the current KCS bonus ❤️.
Q10. Many new User are having hard time put their money into an platform. In the upcoming feature, Is there any plan kucoin support Fiat deposite?
Ans. Yes, fiat-to-crypto is a very important service for KuCoin. We are working with fiat onramps like SimpleX and offer build our own P2P Fiat Trade platform. We have supported over 50 fiats and will continue to grow.
Q11. I have a question about the recent hack.Have the affected users been compensated? And have Pool-X users been affected?
Ans. Thank you for the question. All users will be able to make a full withdrawal so no one will bear any losses. Pool-X is barely affected by this while almost all tokens are on staking. So as you can see, all staking rewards are distributed as usual on Pool-X in the recent a few days.
Now Group Question & Answer Session 2 Began
Q12. How will Kratos interact with KuChain? Will they work in parallel, like parachains in Polkadot?
Ans. Exactly. I would say it’s similar to Kusama and Polkadot. The two chains will be operating simultaneously and they each will develop their own ecosystem
Q13. After KuCoin was hacked, Users have been holding back to use KuCoin platform, how will you get users to trust this exchange again ?
Ans. I would say this is the long-term task. All exchanges might be attacked while exchanges will react in different ways. There are also users telling us that they just trust us more after this difficult time. In the future, we will continue to create value to our users to help them achieve their investment goals. I always believe only branders bring value to users could exist in the market.
Q14. What will be your response for these Conspiracy by artist of Cointelegraph?
As previously reported by Cointelegraph, KuCoin said in 2018 that it was headquartered in Singapore. However, KuCoin is not licensed in Singapore and did not file with the Monetary Authority of Singapore- which is required to operate legally in the country. It remains unclear where KuCoin’s headquarters actually are. KuCoin’s company profile states that it “operates in the Seychelles.”
Ans. KuCoin used to registered in Singapore and moved our registered entity to Seychelles later. Meanwhile, compliance & regulation is always one of our top concerns. We’ve been appling for lisences in many markets and Singapore is one of them?
Q15. New protocols such as Uniswap will soon replace the completely traditional exchange ordering model. Do you think that Kucoin services will be in demand for a long time?
Ans. Persoanlly I think many DEXs have high volume because of the farming hype. We all know that this can not be a sustainable business mode. However, DEX will surely play a bigger role as the development of blockchain tech. Our DEX KuDEX will be launched soon 🙂.
Q16. I’m PLT Token holder On Kucoin. Why Stop PLT token after Kucoin Hack?
Ans. We stopped the trading service for PLT per the request of the project. And we are in discussion with them and will be happy to resume trading service for PLT as soon as possible.
Q17. Could you explain more about Kucoin Candies?
Ans. It’s a small gift we give to our App users. We are working on the KuCoin Candy system to bring more applications for it.
Q18. What are the basic use cases of $KSC ?
Ans. I believe this pic can perfectly answer your question
Q19. The SlowMist audit team helped Kucoin by conducting a series of inspections regarding the Kucoin cyberattack. Apart from Slow Mist, you have received the support of leading names and organizations from Binance CEO CZ, Bitrue, Bitbns, Burrency, Simplex and many more. How do you see the power of working together in this process?
Ans. It’s amazing to have supports from the whole industry. Like our CEO Johnny mentioned on twitter, #stronger, #together. Many partners told us that the issue is not only on KuCoin, while on the whole industry,so they are happy to help us. We truly appreciate that.
Q20. You started the “dust conversion” program from small amounts of tokens swap to KCS just a couple days ago. Are there any daily limitations for this?
Ans. No limit for this as far as I know. This is not a very frequently-used feature while I believe very helpful for our users. Enjoy.
Q21. The development of KCS depends on Kucoin, so what is the role of KCS on Kucoin? From Kucoin’s point of view, how should people see KCS and how do they benefit from KCS?
Ans. KCS is the backbone of KuCoin and in short, all KCS holders will benefit from the continous growth of KuCoin. We will bring more values to KCS holders and more info will be announced along with KuChain mainnet.
Here are some important links of KuCoin👇
Wolfonaire Family Chatbox : https://t.me/wolfonairechatbox