On-chain investigator ZachXBT stated that multiple users reported withdrawal issues on JuCoin over the past week, drawing attention to the exchange's operational status. In addition to withdrawal delays, he also questioned JuCoin's claimed $511 million in reserves.

Withdrawal issues persist for a week

According to ZachXBT, the feedback has mainly focused on the past week, with issues pointing to difficulties in processing withdrawals. For trading platforms, the smoothness of withdrawals often directly impacts users' perception of liquidity and platform stability.

JuCoin responded that the withdrawal delays were related to platform upgrades and company restructuring. The platform has not provided further details regarding the upgrade progress, the scope of the impact, or the recovery time based on available information.

$511 million in reserves are under scrutiny

ZachXBT also questioned JuCoin's claimed $511 million in reserves. He stated that most of these assets consist of USDC and USDT issued on JuChain, but lacked transparent documentation regarding the backing of these reserves.

The crux of the controversy lies in whether these stablecoins are backed by clear and verifiable external assets. If the reserves primarily come from assets issued within the platform's internal system, the market will typically focus further on their actual redemption capability.

Past events were brought up again.

In addition to the current withdrawal issues, ZachXBT also mentioned two previous incidents in the JuCoin ecosystem, including a $20 million JuDAO incident in 2025 and a $225,000 vulnerability exploitation incident in April 2026.

With these old cases being brought up again, JuCoin's asset transparency, platform governance, and risk control capabilities are once again under scrutiny. JuCoin did not provide further details regarding its reserve composition and historical events in the original statement.