Kucoin announced in July that it will be kicking off a Telegram competition that would allow the crypto community vote a coin to be listed on the exchange for free. At the end of voting, Apollo currency had the highest votes.
However, Kucoin failed to acknowledge that Apollo currency was indeed the winner. Instead, the coin released a new set of results that put the 3rd placed coin LockTrip on the original result as the winner. As a result, the grand prize of free listing that should have been awarded to Apollo currency was given to LockTrip.
Now, kucoin has been receiving a lot of backlash from the crypto community as a result of its actions. Prominent among the critic is the CEO of Team Mcafee John Watson. He condemned the way kucoin handled the situation and labeled the whole completion a scam.
Watson added that it is glaring that the completion was rigged as the difference between the first and third token in the original result was thousands of votes.
The contest featured a total of 50 tokens and voting lasted from 12th of July to the 15th of the same month. Apollo currency came out on top with 37,510 votes, SilentNotary followed with 21,041 votes and LockTrip was third with 13,723 votes.
Kucoin had announced at the start of the competition that the winner would be listed on its platform for free and will also win $30,000 in marketing.
Kucoin and Scam Allegations
Concerns had been raised earlier on the legitimacy of Kucoin when a journalist Jackson Wong had paid a visit to kucoin’s Hong Kong office and met the place empty. Wong revealed that Kucoin’s information was not on both the building’s directory and at its office entrance.
However, Kucoin released a statement in a blog post that explained that its office in Hong Kong is just a mailing office. The exchange added that it headquarter is in Singapore and it has other offices in the Philippines, Thailand, and China.