Key Highlights
- Scam funds worth about $95,000 (45 ETH) were traced to a KuCoin-linked Ethereum wallet.
- The transaction was completed and permanently recorded on-chain.
- Analysts say KuCoin has appeared in multiple recent cases involving suspicious or illicit fund activity.
KuCoin, a crypto exchange, is facing criticism after an X user named Archer (@archermvp) said funds stolen from him by a scammer were traced to a KuCoin-linked wallet.
In a post on X on Wednesday, Archer said the scammer stole funds from him and other victims and asked how the identity of the wallet owner could be identified so they can take legal action. He also tagged on-chain investigator ZachXBT for help.
What Blockchain data shows
Data from Etherscan shows a transfer of 45.019964346 Ethereum (ETH), worth about $95,532 at the time of execution. The funds were sent from a personal Ethereum wallet with a tag (0x67c66d) to a KuCoin-linked deposit address tagged (0x453001). This wallet was labeled “KuCoin 17.”
The transaction took place on September 8, 2026, at 02.26 pm UTC, and was confirmed on-chain with over 1.8 million confirmations, which further confirmed that it is fully finalized and cannot be reversed.
Analysts raise concerns
In response to Archer’s post, crypto analyst Specter alleged that KuCoin has appeared in multiple cases linked to illegal fund cases.
“Kucoin continues to appear in cases involving illicit activity. In the last three days alone, I’ve seen multiple instances of illicit funds being laundered through the platform,” he wrote. He also referenced a recent $6.7M theft case where part of the stolen funds were reportedly deposited into KuCoin.
At the same time, Specter also shared claims from blockchain investigator ZachXBT about the exchange on Telegram. According to those claims, KuCoin has seen a rise in suspicious activity over the past year. It was also mentioned that KuCoin was banned from onboarding new EU users by Austrian regulators in February 2026 after getting its MiCA approval in November 2025. The same report referenced that KuCoin had earlier agreed to pay more than $300 million to US authorities in January 2025 to settle issues linked to anti-money laundering rules.
Aside from the Austrian regulators incident, ZachXBT also reported another scammer moving more than $3.5 million stolen in the Bitcoin Depot incident through KuCoin-linked wallets.
As of publication, KuCoin had not publicly responded to Archer’s post or addressed the allegations. The case has renewed debate about the responsibilities of centralized exchanges when deposit addresses are linked to funds allegedly obtained through scams.
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