what happen?

  • Overseas exchange XT.com recently announced that it has officially signed a strategic cooperation agreement with Taiwan's well-known hardware wallet brand CoolWallet. However, CoolWallet's founder, Ou Shimai, subsequently issued a public statement, explicitly denying any cooperative relationship with XT.com, and accused XT.com of "playing tricks" by hiring someone to print the logo and impersonate CoolWallet employees to conduct the signing ceremony.

  • The public denial by the founder of CoolWallet directly revealed that the cooperation claimed by XT.com did not exist. This "fake signing" suspicion dealt a devastating blow to XT.com's credibility and brand image. In an industry like cryptocurrency that relies heavily on trust, any false advertising or deceptive behavior could lead to user loss and raise legal and regulatory risks.

  • This incident is not just a dispute between two companies, but also highlights that the cryptocurrency market still faces severe challenges in information transparency, behavioral norms and compliance. When an exchange is accused of false advertising or even "fake signing", it will seriously damage investors' confidence in the entire industry and may prompt regulators to strengthen their scrutiny of cryptocurrency platforms to ensure fairness and order in the market.

CoolWallet reveals the inside story of XT.com's "fake contract"

On May 17, 2025, the overseas cryptocurrency exchange XT.com held an event in Taipei, originally intending to demonstrate its ambition and determination to cooperate in the Taiwanese market. However, a high-profile "strategic cooperation signing" ceremony was later refuted by the founder of the "partner" - the well-known Taiwanese hardware wallet brand CoolWallet - who directly pointed out that XT.com was suspected of "fake signing", which caused an uproar in the cryptocurrency industry.

The starting point of this storm was the press release issued by XT.com. The press release detailed the first partner briefing and signing ceremony held at the Grand Hyatt Beitou, and particularly emphasized the signing of the formal cooperation agreement with CoolWallet at 4 p.m. XT.com stated in a press release that the two parties will carry out in-depth cooperation in user asset security and anti-money laundering compliance, and even look forward to continuing to deepen this cooperation in the future and optimize the security architecture supported by hardware wallets.

According to the introduction on the official website of XT.com, it is a global cryptocurrency exchange established in 2018 and registered in Seychelles, Africa; and CoolWallet is a cryptocurrency hardware cold wallet brand issued by KuCoin Technology, a well-known blockchain security organization based in Taiwan.

However, CoolWallet founder Ou Shimai issued a statement on social media, clearly stating: "Our company has not cooperated with XT.com. It seems that they are acting out a complete show, printing our logo and pretending to be our employees to perform a signing ceremony and send a press release to the media."

In the press release photo, you can see a large "Strategic Cooperation Signing Ceremony" printed on the screen, as well as the brand logos of XT.com and CoolWallet.

What are the potential impacts of the “fake signing” incident?

This "fake signing" suspicion not only casts a shadow on XT.com's brand image, but may also deal a blow to the trust in the entire cryptocurrency industry.

First, the issue of integrity arises. If XT.com did release cooperation news or even hold a "fake signing" ceremony without the consent of KuCoin Technology, it would seriously damage its credibility in the market. In a financial sector that relies heavily on trust, any flaw in integrity could lead to user loss and even attract the attention of regulators.

Secondly, legal risks may be difficult to avoid. Unauthorized use of other people's brand logos and signing contracts by impersonating employees may violate trademark laws, fraud, and even involve legal liabilities such as false advertising. As the victim, CoolWallet has the right to take legal action to protect its own rights and interests.

Secondly, the breakdown of partnerships. Even if XT.com is interested in cooperating with CoolWallet in the future, this "fake signing" incident has almost cut off the possibility of any future cooperation. At the same time, this may also cause other potential partners to have doubts about XT.com, leading to the loss of cooperation opportunities.

Finally, the challenge of industry norms and regulation. Such incidents highlight that Taiwan’s cryptocurrency market still needs to strengthen information disclosure and behavioral norms. Regulators may step up their scrutiny of cryptocurrency exchanges as a result of such incidents to ensure market fairness and transparency.

In response to the public statement of the CoolWallet founder, XT.com has not yet officially responded. However, as the incident continues to unfold, XT.com must handle the matter quickly and transparently in order to best restore its reputation.

As for KuCoin Technology, in addition to publicly clarifying the facts, it also needs to evaluate whether to take further legal action to defend its brand image and legitimate rights and interests.

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