Cryptocurrency trade KuCoin has fully refuted rumors that steered that them halting withdrawals on their platform owing to heavy losses suffered as a result of LUNA collapse.
Johnny Lyu, the CEO of KuCoin has come out clear on the matter earlier at present. In considered one of his current tweets, Lyu wrote:
Pay attention to FUDs! Undecided who’s spreading these sheer rumors, and what their intentions are, however KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so forth. No “immense endure” from any “coin collapse”, no plan to halt withdrawal, every thing on KuCoin is working nicely.
Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto trade not too long ago completed its $150 million fundraising in Could 2022 taking the corporate valuation to $10 billion. He additionally added that whereas many crypto exchanges have introduced layoffs, KuCoin continues to develop with extra hiring even in these essential market circumstances.
Lyu has additional threatened authorized actions towards these making an attempt to unfold the FUD and maligning the trade. He wrote: “Being clear is at all times considered one of our key rules. We’ll quickly publish our 2022 H1 evaluate report the place you may know extra about our operations. For FUDers who deliberately unfold unverified data, KuCoin reserves the best to take authorized actions. Don’t FUD, BUIDL”.
The Hassle with Crypto Exchanges
Nicely, the current mayhem within the crypto house and heavy corrections has uncovered a number of the market gamers who’ve been taking extreme leverage and dealing with a liquidity crunch. Even a number of the largest crypto lenders like BlockFi have been dealing with dire circumstances.
Sam Bankman-Fried, CEO of crypto trade FTX stated that there are a lot of such exchanges beneath deep water which may announce insolvencies very quickly. In such occasions, traders ought to preserve utmost prudence and be certain that there’s correct communication and transparency from the crypto trade service suppliers they’re related to.
The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.