My complaint:
I borrowed against my crypto holdings for USDC and sent it to Kucoin. From kucoin I then sent some of the USDC back to Nexo using the same wallet address from which it originally came from. Before the transaction was sent I was given the option to send the USDC using KCS to save on fees. I first sent $1,000 and it showed completed on both Nexo and Kucoin. Based on that conformation I then sent $23,000 the same way and I got the same completed notification. After waiting and waiting the funds never showed up in my wallet at Nexo. I contacted their support team and was told the funds are lost forever because they don’t support the KCS network so my coins are just sitting on the blockchain and the only way to ever recover it is if Nexo ever starts using the KCS network. Nexo told me to contact Kucoin because they are the ones that could possibly reverse the transaction and Kucoin said there’s nothing they can do bc the transaction shows completed on their end. Basically both sides are blaming each other Now I’m not only out the $24,000 I’m also having to pay the interest on that money because it was borrowed against my crypto holdings costing me $17 per day.
Suggested solution:
From the research I’ve done online says Nexo can access my funds if I grant them a one time permission to access my funds using the KCS blockchain. I also think Kucoin shouldn’t offer KCS transfers to exchanges that don’t use that network. There are a ton of people with the same complaint so it’s obviously a serious problem that existed for quite some time and nothing has been done to protect the customers.
