Kucoin "Wallet Under Maintenance", A Cautionary Tale

By B18 | B18CCS | 16 Jun 2022

We have just started using Kucoin, the peoples exchange.

Kucoin has a no KYC option ❤️ ❤️ ❤️ and the Dust Converter ❤️ ❤️ ❤️ ❤️

Previously we had been using Binance to consolidate all the free crypto and the dead and dying shitcoins into shitcoins with legs. Then Binance stuffed all that up by going goody two shoes and wanting KYC. All the bit and pieces were sent to Binance that were under 0.0001 BTC, were able to be converted to BNB to be used as fees or if you got enough BNB then you could trade it for whatever was the flavour of the month. And the fee was their normal trading fee.

Tried using Bitfinex but had no Dust Converter. Plus it had a clutter interface and just had a bad vibe.

AMPL

First up was emptying the AMPL wallet on Publish0x. The AMPL had been accumulating since day one and just sat there as couldn't make up mind what to do with it.

The funds ended up in the Main Account and had to be transferred to the Trading Account.

Traded for VET at market, all good so far.

BAT

Our Brave Rewards from Brave Browser have been going to the UpHold Wallet. Was not a problem when UpHold did not charge a fee to send to the Ledger Nano. When they started charging we just left it for another day.

Then @BitcoinBaby posted that if you swapped for BCH you could withdraw the funds cheaply. So tried that with Litecoin as their fees are even cheaper.

Also we had some Litecoin on Local Cryptos P2P Exchange from referral commissions, so they both went to Kucoin.

Traded for VET at market, all good so far.

ZEC

We had 90 cents sitting in the Trust Wallet from the https://pipeflare.io/r/u6i and https://globalhive.io/r/2113 faucets. Usually we only empty once a month when the referral commission comes through as then have enough to swap on a DEX. But wanted to use the Dust Converter and get some of their native token KCS. It can be used for exchange fees but you must have funds and enable the feature. There is a 20% discount on trading fees using KCS.

Swapped for KCS, all good so far.

REP

We still had half our Augur (REP) in the original version on a Ledger Nano. Had been waiting for a good time.

Went to https://augur.net/ and MIGRATE YOUR REP

Chose use Metamask Wallet

Connected with the Ledger Nano to the REP wallet and it took us back to https://augur.net/

First we tried to use Metamask on Brave but had trouble connecting to wallet. So switched to Chrome. Remembered had similar issues when ERC20 tokens could only be stored on MEW with Ledger.

Just meant we got stung for the failed transaction and the successful transaction. Ouch, grin and bear it.

Woke up in the morning and the REP was sitting in the main account.

When tried to transfer the REP to the Trading account the "wallet is under maintenance" message appeared.

Under normal circumstances this is not a big deal. But these days the "wallet under maintenance" virus seems to be spreading rapidly and even the healthy are getting it.

To make matters worse the REP is no longer showing in the Main Account either.

Contacted Kucoin Support and asked

is there a time frame for resolution?
is it a technical or liquidity issue?

This will be the big test for Kucoin 🙏 🙏

do support reply within 24 hours
do they give us the standard run around reply, refer you to FAQ and irrelevant information.
do they tell us "your funds are SAFE", that has to be a 🚩 🚩 🚩
or do they give us a straight answer
and most importantly does the REP wallet come out of maintenance

You can judge an exchange or crypto site by their customer support

Binance 👎
Coinbase 👎 👎
Coinspot 👍 👍 👍
PipeFlare 👍 👍 👍

It's Probably Nothing

While we are waiting, will set up the VeChain wallet and see if we can get the VET to safety.

The END (or maybe not)

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