When users can’t withdraw their money from a crypto exchange, the explanation is almost always “system upgrades.” It was system upgrades when Mt. Gox froze withdrawals. It was system upgrades when FTX started slowing things down. And now, JuCoin is telling its users the same thing.
On-chain investigator ZachXBT raised alarm bells about the East Asian cryptocurrency exchange on June 7, pointing to a week of mounting withdrawal delays and questioning whether the platform’s claimed reserves have any real backing. The exchange says it holds approximately $511 million in assets. The catch: those assets are predominantly self-issued USDC and USDT sitting on JuChain, the exchange’s own proprietary blockchain.
A pattern that looks familiar
ZachXBT previously described JuCoin as a “sketchy bucket shop exchange” in posts dating back to 2025. The platform reportedly suffered a $20 million loss in 2025. Then in April 2026, it was hit by a $225,000 exploit.
Approximately $5 million linked to a Bybit exploit reportedly moved through JuCoin, tying the platform to fraudulent fund flows. JuCoin is linked to East Asian and Singaporean markets and has a history of rebranding. The exchange’s opaque ownership structure only adds to the murkiness.
