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Hong Kong crypto exchange Coinsuper allegedly hit by frozen funds

Bloomberg
Bloomberg1/9/2022 5:39 PM GMT+08  • 4 min read
Hong Kong crypto exchange Coinsuper allegedly hit by frozen funds
Its social media accounts haven't been active since Dec. 1.
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Customers of a Hong Kong-based cryptocurrency exchange say they can’t withdraw money or tokens from the bourse, and at least seven have reported the matter to police.

Dozens of clients have been unable to make withdrawals from Coinsuper since late November, based on a review of messages on the firm’s official Telegram chat. Five customers told Bloomberg News that they’d filed police reports after withdrawals were apparently frozen, leaving them unable to retrieve about a combined $55,000 of tokens and cash.

The uproar around Coinsuper, backed by Pantera Capital, may fuel calls for broader regulatory oversight in Hong Kong. The head of the city’s securities watchdog in November 2020 said it would propose a licensing regime for all crypto-trading platforms, an approach rival financial hub Singapore is also pursuing.

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