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Monday, August 15, 2022

KuCoin CEO Slams Insolvency Rumors

Rumors linked KuCoin’s intent to stop withdrawals with the Terra and the 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange.

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. Johnny Lyu, was, however, quick to dismiss the unvetted rumors before they picked up steam.

Everyone Advised To Withdraw Funds From KuCoin

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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 its intent to stop withdrawals with the Terra 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:

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“No ‘immense suffer’ from any ‘coin collapse,’ no plan to halt withdrawal, everything on  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.”

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