Widespread cryptocurrency change KuCoin CEO Johnny Lyu took to Twitter to slam rumours stating an incoming ban on withdrawal because of the firm’s insolvency difficulties. The chief reassured customers that KuCoin isn’t experiencing a “coin crash” and has no publicity to just lately fallen tokens.
The hearsay began as a warning by a subcommunity in crypto twitter that instructed buyers to take away all funds from the change earlier than it imposes a ban on withdrawal on account of it dealing with liquidity points amid the struggling brought on by excessive publicity to tokens like LUNA. This was promoted by outstanding crypto twitter figures together with @KongBTC and blockchain investigator @otteroooo.
Calling these rumours unvetted an try to instigate concern, uncertainty, and doubt, Lyu defined that KuCoin has no stakes in LUNA, 3AC, Babel or every other just lately collapsed token:
“No ‘immense undergo’ from any ‘coin collapse’, no plan to halt withdrawal, all the things on KuCoin is working properly”
Threatening the hearsay mongers with authorized motion, the CEO identified that KuCoin accomplished a $150M fundraising spherical in Could 2022 the place its valuation was positioned at $10B. Its robust place will also be understood by its enhance in exercise within the bear market and the launch of recent options, he mentioned.
Lyu additional established KuCoin’s well-being by drawing consideration to the truth that it is without doubt one of the few crypto corporations to proceed hiring for a number of positions regardless of the latest hiring freeze in main exchanges like Coinbase. He known as upon buyers to depend on their very own judgement and belief the corporate’s dedication to transparency amid such FUD.
The CEO additionally confirmed that KuCoin will quickly be sharing the corporate’s 2022 H1 evaluate report with detailed details about its operations, shutting down any doubts about its insolvency.
The rumours about KuCoin come amid discuss of coordinated assaults by hedge funds seeking to brief Tether in an effort to trigger additional panic after the LUNA collapse.