Key facts
- KuCoin has not paid a Seychelles Supreme Court award of over $2 million to a Swiss investor.
- The award is tied to 21 million CoinPoker (CHP) tokens that were delisted from the exchange.
- The Seychelles Supreme Court ruled that KuCoin did not become the owner of the unwithdrawn tokens.
- KuCoin's Seychelles entities did not participate in the court proceedings.
- The investor plans to pursue further legal action to enforce the judgment.
A Swiss investor, Didier Rabl, has stated that the cryptocurrency exchange KuCoin has failed to pay a Seychelles Supreme Court award exceeding $2 million related to delisted CoinPoker (CHP) tokens. In a December 2025 ruling, the court declared Rabl the sole owner of approximately 21 million CHP tokens and ordered three KuCoin entities to pay him over $2 million in USDT plus $10,000 in moral damages.
The court found that KuCoin's unilateral delisting notices, which warned that unwithdrawn funds would be deemed abandoned, were insufficient to remove the customer's rights to the tokens, especially as no such forfeiture term was in the original contract. The court also noted that KuCoin made no further attempts to notify Rabl beyond the initial emails, which he reportedly did not read.
KuCoin's Seychelles entities did not appear in court to defend the case. A blockchain analysis report identified an address labeled "KuCoin 6" holding the exact amount of CHP tokens awarded to Rabl. The Seychelles Financial Services Authority confirmed it received the judgment and stated that a KuCoin-linked company had its virtual asset service provider license application rejected and was required to cease operations in Seychelles.
Legal expert Joshua Chu highlighted that the judgment was decided entirely ex parte, meaning KuCoin's entities did not participate, and its binding force may be limited outside Seychelles. Rabl indicated he has not received payment and is preparing additional legal actions to enforce the award and potentially seek further damages.