KuCoin has offered VENOM and NFPrompt (NFP) holders a route out of two tokens that they currently cannot withdraw. That route is neither a token transfer nor an unconditional redemption: it is a limited, application-based USDT buyback, capped at 100 USDT per user across both tokens.
KuCoin announced the arrangement on October 12. The exchange says deposit services for VENOM and NFP are already closed and will not reopen. Withdrawals are unavailable and, in the wording of the official notice, will remain closed because the withdrawal service is unavailable. Meanwhile, trading continues only until the announced October 14 delisting, subject to the live platform's operational state.
This is a more severe exit condition than a routine delisting that leaves users a month to transfer their original assets. A holder who wants to retain VENOM or NFP outside KuCoin cannot currently use KuCoin to deliver those tokens on-chain.
Two separate clocks: market exit and buyback claim
On October 14 at 06:00 UTC, KuCoin plans to shut down affected Spot Trading Bots. At 08:00 UTC on the same date it plans to delist the spot trading pairs. Outstanding spot orders will be removed when trading ceases; bots that users have not closed will be shut down by KuCoin.
The buyback is already accepting applications. Its period is October 12 at 08:00 UTC to October 26 at 08:00 UTC. Applications outside that window are not accepted under the announced rules. A qualifying balance does not, by itself, mean that a USDT credit is automatic: the holder must submit the designated application.
KuCoin says buyback proceeds are credited to users' Funding Accounts within two weeks after the submission window ends. That is a settlement expectation tied to October 26, not a promise of immediate payment after submitting a form.
Exactly how KuCoin calculates the buyback
The exchange publishes fixed rates, expressed in USDT per token:
- VENOM: 0.001696872 USDT.
- NFP: 0.00025 USDT.
The nominal calculation is eligible VENOM × 0.001696872 + eligible NFP × 0.00025, subject to the combined 100 USDT maximum. Actual eligibility and credit are controlled by the exchange's verification process and terms.
For a holder of 10,000 VENOM, the nominal amount is 10,000 × 0.001696872 = 16.96872 USDT. A holder with 100,000 NFP has a nominal 25 USDT. If one user holds both those amounts, the combined nominal value is 41.96872 USDT, below the 100 USDT ceiling. These are arithmetic examples using KuCoin's announced rates; they are not market valuations or representations of any individual's holdings.
The ceiling starts binding at approximately 58,932 VENOM for a VENOM-only holder, or 400,000 NFP for an NFP-only holder, assuming all tokens qualify and ignoring any terms changes. For someone with more tokens than that, the offer does not represent full token-value recovery; even below the ceiling, the exchange's fixed ratio need not match any prior purchase price or market price.
A critical wording point: 100 USDT is per user for all tokens in this buyback, not 100 USDT for each token.
Application verification and the impersonation hazard
KuCoin's notice links to a designated Google Form. The use of an external form makes impersonation risk unusually acute, because a fake form can look similar to the genuine one. Users should reach the application from KuCoin's own announcement inside its authenticated website, rather than from a social-media DM or an unsolicited short link.
KuCoin permits one submission per KuCoin UID. Duplicate submissions are disqualified. The exchange will verify eligible token holdings using an account-balance screenshot. The quantity typed into the form is reference information, not the amount used to calculate the eventual buyback.
KuCoin also reserves the ability to adjust the arrangement under its notice. The rates and cap stated here are those published in the English announcement reviewed for this report.
No legitimate buyback should require a wallet recovery phrase, private key, or payment to a purported recovery agent. The exchange's stated route is verification of an existing KuCoin account balance and a later credit to a KuCoin Funding Account.
Why a delisting with no withdrawal route deserves separate monitoring
A conventional exchange exit has several stages: deposits stop, order books close, and customers are given a window to withdraw the original token. VENOM and NFP skip the last practical protection. The exchange says the original-token transfer route is already unavailable, leaving a platform-administered USDT program as the proposed alternative.
That changes three aspects of the holder's position. First, the user no longer chooses an external destination for the original asset. Second, the exchange, not a market order, sets the conversion price. Third, the 100 USDT ceiling can impose material uncompensated exposure on large holders; whether a particular user has an economic loss depends on their actual balance and historical cost, which WikiBit does not know.
The announcement does not establish insolvency at KuCoin, a compromise of both underlying token networks, or that every VENOM/NFP holder outside KuCoin is unable to transfer tokens. It states the services available for these tokens on this exchange.
Evidence and open questions
Confirmed — KuCoin official announcement, October 12: the two tokens, October 14 bot/spot deadlines, existing deposit and withdrawal unavailability, October 12–26 application window, two fixed conversion ratios, aggregate 100 USDT cap, one-entry-per-UID restriction, screenshot-based validation and the post-window credit expectation.
Developing: whether withdrawals ever reopen; whether KuCoin changes buyback terms; the number of claimants; aggregate uncompensated balances; actual credited USDT after the October 26 close. No customer-loss amount is asserted without those records.
Risk assessment and next checkpoints
High asset-access and forced-conversion risk. The next observable actions are the October 14 market shutdown, the October 26 08:00 UTC application deadline and the Funding Account credits within the following two weeks. Customers should verify the exact token and platform account before taking action; the older KuCoin 30-token delisting has an entirely different withdrawal timetable and must not be conflated with this case.
