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.