On-chain investigator ZachXBT flagged East Asian crypto exchange JuCoin on June 7, highlighting a week of mounting withdrawal delays and questioning the backing of its claimed reserves.
ZachXBT previously called JuCoin a “sketchy bucket shop exchange” in 2025 after the platform suffered a $20 million loss. In April 2026, it was hit by a $225,000 exploit. Approximately $5 million linked to a Bybit exploit also reportedly moved through JuCoin.
JuCoin claims to hold about $511 million in assets, but those are predominantly self-issued USDC and USDT on its own proprietary blockchain, JuChain. There is no third-party custodian or auditor verifying those stablecoins are backed one-to-one by actual dollars.
JuCoin has offered minimal official response, reiterating an “upgrade” narrative without providing proof that user funds are safe or operations will resume normally.
For investors, the $20 million loss, the $225,000 exploit, the Bybit-linked funds, and the withdrawal freeze create a cumulative risk profile. Tokens heavily traded on JuCoin could face selling pressure as confidence erodes.