As of June 8, the JuCoin exchange collapse has been escalating, with the soft exit of the platform now nearly confirmed. Multiple law enforcement agencies have also initiated investigations into this case, leaving tens of thousands of users' funds in jeopardy.

Currently, the OTC dealers on JuCoin have completely shut down, and the platform's asset 'JuCoin Oil' has no takers, with its value nearing zero. The platform's previously claimed $511 million in reserves has been confirmed as a fraud; the so-called reserve assets are just fake stablecoins issued privately by the project team, which can be minted at will. Additionally, reports indicate that the core team is in Shenzhen plotting to divvy up the loot, and the operators are showing signs of fleeing.

Let's break down the events leading to this crash; the signs were there all along. Back in April, the platform tokens JU and JUA plummeted by 99%, wiping out a ton of contract account assets. May 26 marked a crucial turning point when the platform used financial audits as an excuse to completely shut down withdrawals and trading functions, keeping only the identity verification channel open. Starting the next day, police in cities like Beijing, Shanghai, and Guangdong began filing cases, with the involved funds reaching into the billions, affecting over 110,000 users. Earlier this year, in January, the platform was already flagged by the Hong Kong Securities and Futures Commission as high risk; its subsidiaries AJE and 5M had previously collapsed, resulting in a whopping 1.6 billion in lost assets.

Currently, users on the platform are in a tough spot. The rules for withdrawing funds are chaotic; small withdrawals under 100U incur a hefty 40% fee and take 72 hours to process. Large accounts are frozen outright, with the pages constantly showing system maintenance. The assets in user accounts can only be seen internally on the platform, while the off-market price has dropped to around 3 yuan, essentially losing all liquidity. Despite many victims choosing to report and seek justice, recovering funds is extremely challenging, and the incidents have been covered by various media outlets.

Based on all the clues, we can conclude that the so-called listing audit by Jubi is just a delay tactic to stall users; the platform has no genuine listing entity. They've rebranded multiple times, from Jubi to Coin Egg to Bao Coin and now back to New Jubi, continuously harvesting investors through name changes and shell games. This is essentially illegal fundraising and a scam operation. We urge all investors to recognize the scams of such virtual currency trading platforms, heighten their awareness, and for those who have been harmed, to retain evidence and seek legal recourse.

What to trade in a bear market? 👇👇👇

How's the yield looking? 👇👇👇