Blockchain investigator ZachXBT issued a community alert warning users of withdrawal problems at JuCoin, a platform he first flagged in March 2025 with multiple red flags still unresolved.
Key Takeaways
- On-CJuCoin’s $511M reserves consist largely of self-issued stablecoins.
- The platform has rebranded at least three times since launch.
- DPRK-linked funds moved through Ju during its Bybit support claim.
- Ownership remains opaque with no high-quality jurisdiction registration.
ZachXBT wrote in his Telegram Channel that multiple users of JuCoin, an East Asian centralized exchange, had reported withdrawal issues over the past week. The alert was framed as a community warning ahead of Token 2049, where JuCoin has previously appeared as a sponsor.
ZachXBT noted this was not his first warning about the platform. “In March 2025 I first published a warning for Ju when they were listed as a Platinum sponsor for Token 2049 after I observed numerous red flags,” he wrote.
JuCoin publicly attributed the withdrawal delays to platform upgrades and restructuring. The exchange has not provided a timeline for resolution.
The Reserve Question
A separate analysis of JuCoin’s proof of reserves, shared on X, alleged that the platform’s self-reported $511 million in total reserves were likely overstated. The basis of the allegation is that the vast majority of those reported reserves consist of USDC and USDT issued on JuChain, the exchange’s own proprietary blockchain, without clear external backing.
The significance of that distinction is direct. Stablecoins issued on a platform’s own chain and counted as reserves are only as credible as the issuer’s backing. If the USDC and USDT listed in JuCoin’s reserves are not verifiably backed by equivalent assets held outside the exchange’s own ecosystem, the $511 million figure does not reflect the exchange’s actual solvency position.
ZachXBT also raised concerns about ownership transparency. “Ju’s ownership is opaque,” he wrote. “The publicly listed team does not appear to actually control it. That fits a pattern seen with fraudulent offshore exchanges, where the actual principals, often Chinese, stay hidden.” He added that JuCoin fails a basic test for centralized exchanges: full ownership transparency and registration in high-quality jurisdictions.
The Track Record
The withdrawal alert sits against a documented history of incidents connected to the JuCoin ecosystem.
In September 2025, JuDAO allegedly lost $20 million after deploying a proxy contract that incorrectly left 77 million POL tokens stuck and unrecoverable. In April 2026, JuDAO suffered a $225,000 smart contract exploit.
🚨🚨🚨JUDAO exploit alert on BSC Chain:
Loss: At least 205,259.490762 USDT, plus 36 BNB routed out via PancakeSwap
Target: PancakeSwap V2 BUSD-JUDAO
Attack Tx:https://t.co/uNxZYb49cB
Summary: The attacker flash-loaned 2,295,723.159642 USDT from Lista DAO: Moolah, bought…
— ExVul (@exvulsec) April 28, 2026
ZachXBT also noted that at least $5 million tied to the Bybit DPRK exploit moved through Ju in 2025, during the same period the team had publicly claimed it would offer up to 1,000 BTC, equivalent to approximately $95 million, in financial support for Bybit following that hack.
The rebranding history adds further context. The platform has operated under at least three identities: Jubi, JuCoin, and Joy Universe before settling on its current branding as Ju. Serial rebranding is a pattern ZachXBT has previously identified as a red flag in his investigations of offshore exchanges.
JuCoin has not responded publicly to ZachXBT’s reserve allegations or ownership concerns beyond its earlier statement attributing withdrawal delays to upgrades and restructuring.
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Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
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