KuCoin, a Singapore-based crypto exchange blocked a crypto wallet, who have had been allegedly involved in a recent RChain (RHOC) token scam, as reported by RChain in a blog post on April 26.
The blockchain firm behind RHOC coin, RChain revealed to its users that it suffered a scam involving an escrow transaction containing counterfeit money. RChain was set to send 11 million RHOC tokens to its partners as per a deal, apparently, the client expressed an interest in putting money into an escrow account.
Once the money was in escrow, RChain sent RHOC tokens to their wallet as agreed. However, once the transaction was settled, RChain found that the money in escrow was counterfeit. Following which, RChain contacted KuCoin and asked the platform to block the crypto wallet address of the alleged scammers.
At the time of print, the address was blocked, with Etherscan warning that the address “received funds from an address which is involved in the RHOC token scam.” As per the current rate of around $0.0283, the RHOC tokens on the blocked account is worth around $310,000. Ranked in the top 30 projects on CoinMarketCap in January when it was worth around $2.90, the RHOC has a market cap of $10.6 million at press time.
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