KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal”

Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was however quick to dismiss the unvetted rumors before they picked up steam.

Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.

Rumors linked KuCoin’s intent to stop withdrawals with Terra’s (LUNA) and 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange owing to high exposure to the fallen tokens.

While dismissing the supposed rumors through the above tweet, Lyu highlighted the company’s strong position by disclosing a recent $150 million funding, which placed the company’s valuation at $10 billion in May 2022. He also pointed out that the company is currently hiring for multiple positions, requesting investors to make their own judgment amid the ongoing FUD – fear, uncertainty and doubt:

“No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”

Further distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the company’s 2022 H1 review report with detailed information about their operations. Finally, he sent out a warning to the people accusing KuCoin of shutting down services and creating panic among investors:

“For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL. “

Related: Tether CTO refutes stablecoin FUD as short-sellers circle

Tether chief technology officer Paolo Ardoino recently revealed that the stablecoin Tether (USDT) was subject to a “coordinated attack” by hedge funds looking to short-sell the United States dollar-pegged crypto asset.

Ardoino said that Tether is collaborating with regulators and increased transparency efforts, as well as noting its recent commitment to phase out its commercial paper exposure.

All Dutch and English crypto news!

UNCTAD takes aim at crypto in developing world in a series of critical policy briefs

The United Nations Conference on Trade and Development (UNCTAD) released a policy brief Wednesday on cryptocurrency. It is the third brief in a row the...

Robinhood to face class action lawsuit from meme stock debacle: Report

Cryptocurrency and stock trading platform Robinhood will allegedly face allegations of market manipulation as part of a class-action lawsuit brought by investors in "meme stocks"...

Cardano price: Analyst explains ADA price outlook over coming weeks

Cardano (ADA) is trading near $0.53, just about in the green on Thursday evening as the crypto market looks to hold onto yesterday's gains. The ADA/USD...

Maven 11 launches $30M lending pool on Maple as borrowers turn to DeFi

Netherlands-based crypto investment firm Maven 11 has launched its third lending pool on Maple Finance, giving borrowers access to liquidity amid the bear market. The $30...

Beste exchanges

Koop je crypto bij Bitvavo