Let's Complain to Kucoin about Bots that manipulate the ETN price on a massive scale!


#1

Heey everyone i see a lot of posts around the forum about bots that manipulate the ETN price constantly on a big scale i find that we should Adress this to Kucoin and politely ask them to do something about this!

You can send a support ticket here:

https://kucoin.zendesk.com/hc/en-us

We can also ask them on social media but i think we shouldn’t spam them in anyway i think its better to send them a polite message asking them why they don’t do something about this massive price manipulation of ETN constantly.

Thanks to everyone that want to help sending Kucoin messages in this regard to let them know and hopefully they will do something about this. :thinking:

Here are some Pics and posts from the manipulation of bots happening:

If you got more pictures or pictures of their replies feel free to post them on this topic! :sunglasses:


#2

They’ve pretty much stated that they don’t want to manipulate the price and let it be market driven.
At best, we could ask for them to make minimum order size of 20 ETN or so. Help burn through the pockets of those that are trying to drive the price down.


#3

@PHXInvestors I’ve used the link you provided to send them a suggestion.

I’ve said they should adopt a minimum trade amount in order to combat the abuse from the Bot’s that people are using to manipulate the price.

At least if it’s something like 20, or 200 it’s burning through the abusers money more so in order to do it / make it less feasible to do what they are doing.


#4

I think we should do whatever is necessary, even if it means mass complaints on Twitter. Mass complaints on Twitter is the Achilles heel of any company, when immediate compliance is required.


#5

So we might have to do that. I’ve got a response from 2 separate E-Mails I sent which they provided the same response:

"I’m afraid that we are not able to interfere in the user’s behaviors. The price is decided by the market."

How can they not be willing to enforce a minimum trade amount when it’s perfectly clear it’s being constantly abused by someone (or a group) who are opportunists in manipulating the price. For the amount of 1ETN orders it’s ‘very’ clear it’s being done in order to game the system. I don’t even think enforcing say a 20ETN sell (at least for now, until the price climbs/stabilises) is unreasonable.

By taking the stance that they have, they are allowing anyone who manipulate it.


#6

it might be their own bots… exchanges have been shown to have trading bots active to keep liquidity going.


#7

An interesting point I think, and something that did occur to me after receiving the message.

It could be wrong, but at the moment it would make sense that they take such a stance because it’s their own bots.


#8

Yeah if it is their own bots it wouldn’t surprise me either that they wouldn’t want to stop it sadly :neutral_face:


#9

HFT is common on stock market too. Nobody is complaining there.