Coinsuper blocked fund withdrawal for its crypto users

Reportedly Coinsuper exchange suspended all withdrawal crypto and fiat requests of its user. 

Coinsuper is a Hong Kong-based crypto exchange. This exchange was sole of the crypto services in China, because the company which is backing this exchange is full of talents, whether it is experienced or a high-level manager system with security. 

According to a report published by Bloomberg, Telegram chats on the official telegram group of Coinsuper confirmed that the exchange halted the withdrawal of crypto and money from the end of November 2021. 

On these issues, around five people filed a case against the exchange and claimed that they are not able to withdraw their $55,000 worth of funds from the exchange.

Right now, Coinsuper is backed by Pantera Capital and run by Karen Chen. Pantera Capital also worked as president of UBS China Inc. So now there are huge chances that authorities of Hong Kong may take strict action against this company, because of the ongoing heat against the exchange. 

Reportedly, last month Coinsuper administration stopped giving responses to inquiries about the failure of transactions but last week they became active and suggested providing some details including email addresses. Users claimed that they didn’t get responses to their issues and queries by Coinsuper, after giving all kinds of details. 

Besides these things, one of the venture capitalists told Bloomberg that they cancelled their plan of $1 million investment in the Coinsuper exchange.VC also confirmed that they lost communication with the exchange for more than half a year. The VC also said that the CEO and Chairman stopped giving replies on WeChat messaging app. 

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