ZachXBT warns of crypto exchange JuCoin amid withdrawal problems

Crypto researcher ZachXBT is once again raising the alarm about a suspicious crypto exchange. This time, he is targeting JuCoin, an East Asian centralised exchange where multiple users have reported over the past week that they cannot withdraw their funds. ZachXBT shares his findings and highlights a series of red flags he had already identified earlier.

Reserves of $511 million under question

A recent analysis of JuCoin’s proof of reserves suggests that its self-reported reserves of $511 million are likely overstated. The bulk of this amount consists of USDC and USDT issued on JuCoin’s own network, called JuChain, without clear backing. This raises serious questions about the platform’s actual financial position.

ZachXBT also points to JuCoin’s opaque ownership structure. The publicly listed team does not appear to actually control the company, which fits a pattern often seen with fraudulent offshore exchanges. Moreover, JuCoin has changed its name frequently: the company previously operated as Jubi, then JuCoin, and now as Joy Universe or simply Ju. ZachXBT already warned about the platform in March 2025, when it announced itself as a Platinum sponsor for Token 2049 Singapore.

Multiple incidents and a statement from JuCoin

This is not the first time JuCoin has been embroiled in controversy. ZachXBT reports that JuDAO was involved in a $20 million incident in 2025, and in April 2026 another attack followed in which $225.000 was stolen via a smart contract exploit. This series of incidents heightens concerns about the platform’s security and reliability, as ZachXBT previously also raised questions about exit liquidity structures at other projects.

JuCoin itself attributes the withdrawal delays to platform upgrades and an internal restructuring. The company states these are temporary technical reasons, but given its history of name changes, unclear reserves and previous exploits, that explanation rings hollow for many. Users with funds on the platform are advised to proceed with extreme caution.