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KuCoin accused of manipulating users to short Shiba Inu to win prizes

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KuCoin, one of the major cryptocurrency exchanges that listed Shiba Inu earlier in May 2021, is accused of manipulating the investors to short Shiba Inu (SHIB) for profits. Interestingly, the platform has SHIB/USDT as their supporting pair.

A Reddit user shared a screenshot of the email by KuCoin about their giveaway to users who short SHIB. The leaked email reveals that the exchange platform, along with asking users to sell SHIB, promised the provision of 5x leverage to do it. The desperation to shorten maximum SHIB is clearly visible as the exchange platform also declares a giveaway prize pool of $15,000 to users to indulge in the transaction. 

The trading platform has been running the drive since early November. The leaked email reads:

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”Dear valued KuCoin user, the 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.”

KuCoin encouraging users to buy Torum 

The famous crypto enthusiast and YouTuber Tom Zuzolo dug deeper into the KuCoin activities and shared the latest video, which shows that KuCoin is using some “problematic method” to promote the Torum Coin by bringing SHIB down.

As per the video, Zuzolo believes that Torum Coin could be one of the “major investors” in the exchange. The coin’s Twitter handle also indicates several Torum x KuCoin posts. 

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Source: Crunchbase

In his video titled “LEAKED Email Reveals Major Exchange has been Manipulating SHIB for DAYS,” Zuzolo states:

“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 In; step two is to introduce Torum as replacement. This is textbook manipulation.”

SHIB is the most-talked cryptocurrency on Twitter after surging by more than 900% in October 2021. These days, the coin is trading sideways, but analysts believe that it will knock out another zero from its trading price soon.

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KuCoin Labs launches $100M VC fund to empower early-stage metaverse projects

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KuCoin Labs, the company behind the world’s sixth-largest cryptocurrency exchange by trading volume with more than 500 crypto assets listed, announced on Wednesday that it would be launching a $100-million metaverse fund for early-stage projects. The money is to be also available for entities that develop blockchain-based games, nonfungible tokens (NFT) and decentralized applications. In addition, KuCoin will also provide business incubation services, branding, incentives and business partnerships for developers selected into the fund.

Johnny Lyu, CEO of KuCoin, said the following in a prepared statement obtained by Cointelegraph:

“KuCoin Metaverse Fund will be launched to accelerate the evolution of the internet industry. We hope to mature the emerging blockchain industry by further strengthening the application of blockchain technology to the metaverse projects.”

Lou Yu, the head of KuCoin Labs, added:

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“The concept of metaverse has remained at the theoretical level since it was proposed in the last century. It was not until the birth of the blockchain that metaverse became the next migration destiny for mankind.”

The concept of a metaverse, or augmented virtual reality with its own digital economy, has been gaining traction ever since Facebook rebranded itself as Meta last month to focus on its development. Shortly afterward, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. Then, Animoca Brands unveiled its plans for a K-pop NFT metaverse. As more global brands move in, the total addressable market of the metaverse is projected to have grown to over $1.5 trillion by the end of 2030. Meanwhile, debates are ongoing as to whether or not the metaverse should be centralized.

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KuCoin Launches $100 Million Fund, Joins the Metaverse Race

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More companies are getting involved in building the Metaverse. The latest large brand to jump on board is the cryptocurrency exchange KuCoin.

The popular digital asset trading venue has launched a $100 million fund to focus on supporting teams wanting to develop metaverse projects. Dubbed the KuCoin Metaverse Fund, it will also incubate protocols from GameFi, NFTs, decentralized infrastructure, and more.

KuCoin’s $100M Metaverse Fund Arrives

The press release seen by CryptoPotato reads that the exchange, through its investment and research arm – KuCoin Labs, wants to delve into the development stages of arguably the hottest trend now – the metaverse.

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Aside from allocating $100 million to various projects, the fund promised to provide “full-scale support and incentive in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy.”

It will also promote the mass usage of blockchain technology, with the primary focus on emerging markets like South America and Africa.

Kucoin’s CEO, Johnny Lyu, described the metaverse as the next chapter of the Internet, which is “poised to change the way we work, connect, shop, entertain, and have social interactions.”

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Consequently, the new fund will aim to “accelerate the evolution of the Internet industry. We hope to mature the emerging blockchain industry by further strengthening the application of blockchain technology to the metaverse projects.”

The Growing Metaverse Trend

As mentioned above, the metaverse idea has skyrocketed in popularity in recent months, especially after Mark Zuckerberg’s decision to rename the company behind the social media giant Facebook to Meta. It came as a surprise to many, but the billionaire asserted that it will allow the firm to focus more on developing the metaverse.

Aside from KuCoin’s new fund, numerous other cryptocurrency-based projects have announced intentions to enter the metaverse in some form.

The NFT investment company Sfermion was among the first as it raised $100 million through several high-profile institutional investors and VCs to get into the metaverse.

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Shortly after, the blockchain-powered gaming platform Enjin went with KuCoin’s route by forming a $100 million fund to support the development of a decentralized metaverse.

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KuCoin Makes a USD 100M Bet on Metaverse

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The investment and research arm of KuCoin exchange, KuCoin Labs, has launched a USD 100m fund to support metaverse-related projects and promote the metaverse education programs, assisting the public – particularly the younger generation – get acquainted with this new concept. 

Dubbed ‘KuCoin Metaverse Fund,’ the investment is aimed to support early-stage projects in metaverse, GameFi (‘gaming’ + ‘DeFi’ (decentralized finance)), non-fungible tokens (NFTs), and decentralized infrastructure.

“As the next chapter of the Internet, Metaverse is poised to change the way we work, connect, shop, entertain and have social interactions,” Johnny Lyu, CEO of KuCoin, was quoted as saying in an announcement.

KuCoin Labs intends to provide support beyond just funding, assisting projects in terms of incubation, partnerships, branding, market investment and management, and go-to-market strategy. The research team also aims to promote the adoption of blockchain technology, primarily in emerging markets like Africa and South America.

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“The concept of Metaverse has remained at the theoretical level since it was proposed in the last century,” said Lou Yu, the head of KuCoin Labs. 

“It was not until the birth of the blockchain that Metaverse became the next migration destiny for mankind. It’s no doubt that Metaverse will reverse our lifestyle.”

In late September, social media platform Facebook announced a USD 50m fund to “responsibly” develop the metaverse. One month later, the company changed its corporate name to Meta, reflecting its serious intentions in building the metaverse. 

Tech giants are expected to follow Facebook into the metaverse, and some have already done it. Satya Nadella, CEO of Microsoft, revealed earlier this month that the company is “creating an entirely new platform layer, which is the metaverse.” 

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Meanwhile, virtual world projects are also bursting in popularity. For instance, The Sandbox, a metaverse where players “can play, build, own, and monetize their virtual experiences,” raised USD 93m in a Series B funding round earlier this month. The Sandbox aims to enable players to explore its metaverse later this month. 

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