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KuCoin Exchange Blocks Alleged Crypto Wallet Linked In Recent RHOC ‘RChain’ Token Scam.

In line with an official ‘web-blog‘ post published by ‘RChain’, Singapore-based renowned cryptocurrency exchange namely ‘KuCoin’ has blocked a cryptocurrency wallet that was allegedly associated in a recent RHOC [RChain] token ‘scam‘.

RChain, the blockchain firm behind RHOC coin, notified its users that the firm suffered a scam involving an escrow transaction consisting counterfeit cash.

Within the apparent deal, RChain was set to transfer around 11 Mln RHOC tokens to its partners who expressed an interest in investing money into  an escrow account. Once the money was in escrow, RChain transferred RHOC tokens to their wallet as in agreement. However, after the tokens were sent, RChain found that the money in escrow was counterfeit.

Moreover after the incident, RChain contacted KuCoin, that later on blocked the cryptocurrency wallet ‘address‘ of the alleged scammers. At the reporting time, the address is blocked, with Etherscan warning that the address “received funds from an address that is linked in an exceedingly RHOC token scam.”

The amount of RHOC tokens on the blocked account are valued around $310,000 USD at the reporting time, in line with ‘CoinMarketCap‘. Trading at around $0.0283 USD, [RHOC] features a market cap of over $10.6 Mln at the reporting time. Earlier in the month of Jan., [RHOC] was valued around $2.90 USD, and was also once ‘ranked‘ within the top 30 projects listed on CMC ‘CoinMarketCap’.

As ‘reported‘ earlier, Canada’s leading cryptocurrency exchange ‘QuadrigaCX‘ was formally ‘declared bankrupt‘ after the exchange filed for creditor’s protection, following the loss of access to its ‘cold wallet keys‘ caused due to the sudden death of the Quadriga’s late co-founder Gerald Cotten in Dec. last year.

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