On-chain investigator ZachXBT has publicly flagged crypto exchange JuCoin over ongoing withdrawal issues and what he described as a lack of reserve transparency. The warning, posted June 8, adds JuCoin to a growing list of exchanges facing public pressure to prove they hold the assets users entrust to them.
Withdrawal problems surface
Users reported delays and outright failures to move funds off JuCoin in recent days, according to ZachXBT's thread. The investigator said the exchange had not provided clear proof of its reserves when asked, raising red flags for anyone keeping funds on the platform. The episode mirrors similar alarms that have preceded insolvency events at other exchanges.
Call for third-party audits
In his post, ZachXBT stressed that exchanges need to submit to independent, verifiable audits — not just one-off snapshots or marketing reports. He argued that without external oversight, users have no real way to confirm solvency. The comment cuts to a sore spot in crypto: even after several major blowups, many exchanges still resist regular, transparent audits of their reserves.
No official response yet
JuCoin has not issued a public statement as of press time. The exchange's social media channels and website remain operational, but there's been no formal acknowledgment of the withdrawal reports or ZachXBT's claims. That silence is unlikely to reassure users now watching their funds.
The incident is the latest test for an industry still trying to rebuild trust around proof-of-reserves. Whether JuCoin will open its books or offer a credible explanation in the coming days remains an open question — one that users holding assets there are waiting on.
