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:
”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.
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.