Standard cryptocurrency swap KuCoin CEO Johnny Lyu took to Twitter to slam rumours pointing out an incoming ban on withdrawal due to the the firm’s insolvency difficulties. The government reassured customers that KuCoin is no longer experiencing a “coin rupture” and has no exposure to no longer too long in the past fallen tokens.
The rumour started as a warning by a subcommunity in crypto twitter that told traders to lift away all funds from the swap earlier than it imposes a ban on withdrawal due to the it going thru liquidity factors amid the suffering prompted by excessive exposure to tokens fancy LUNA. This became promoted by prominent crypto twitter figures in conjunction with @KongBTC and blockchain investigator @otteroooo.
Calling these rumours unvetted an are attempting to instigate dread, uncertainty, and doubt, Lyu explained that KuCoin has no stakes in LUNA, 3AC, Babel or any diversified no longer too long in the past collapsed token:
“No ‘colossal endure’ from any ‘coin collapse’, no plan to atomize withdrawal, the total lot on KuCoin is working correctly”
Threatening the rumour mongers with precise movement, the CEO identified that KuCoin accomplished a $150M fundraising spherical in Could 2022 the place its valuation became positioned at $10B. Its sturdy situation might perchance more than seemingly well even be understood by its amplify in process in the devour market and the birth of most as much as the moment aspects, he talked about.
Lyu extra established KuCoin’s correctly-being by drawing consideration to the indisputable truth that it is among the few crypto companies to proceed hiring for multiple positions despite the most as much as the moment hiring freeze in primary exchanges fancy Coinbase. He called upon traders to depend on their very have judgement and belief the firm’s dedication to transparency amid such FUD.
The CEO also confirmed that KuCoin will rapidly be sharing the firm’s 2022 H1 evaluation legend with detailed data about its operations, shutting down any doubts about its insolvency.
The rumours about KuCoin come amid hiss of coordinated attacks by hedge funds taking a watch to rapid Tether in uncover to reason extra alarm after the LUNA collapse.
