ZB.Com User Accuses Crypto Exchange of Reporting Him to Police
In the post, which has been viewed over 12,000 times with 135 comments, the user claims that ZB.com froze his account containing a 400,000 yuan ($58,000) balance. The user surnamed Zhang said that the exchange called police after he earned money on the ZB.com platform.Zhang reportedly realized that there are no pending orders with a bid ranging from 10–20 yuan ($1.47–$2.94) on the platform. Accordingly, if he posted buy orders offering over 10 yuan and posted sell orders higher than the buying price, buyers and sellers would always take his orders and he could keep the difference.He reportedly made frequent transactions with the PCC/ZT trading pair, earning about 700,000 ZT in two days, worth about 200,000 yuan (equivalent to nearly $30,000). On the day before his account was frozen, he sold 10,000 PCC.Recently a report revealed that, despite an increase in the decentralized cryptocurrency exchanges, their centralized counterparts still control over 99 percent of the total crypto exchange volume.