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Wednesday, March 22, 2023

KuCoin CEO Shuts Down Rumors Of Insolvency

Rumors linking KuCoin’s desire to cease withdrawal functions with the collapse of 3AC and Terra have been shut down by the CEO of the exchange. The rumors alleged that the two collapses, as per warnings, had caused “immense” suffering for KuCoin.

KuCoin, the crypto exchange, suddenly became the discussion center after a Crypto Twitter sub-community started to warn investors regarding an approaching ban with regards to the withdrawal of funds. However, Johnny Lyu, the CEO quickly dismissed the unfounded rumors without giving them a chance to blow up too much.

Everyone Advised To Withdraw Funds From KuCoin

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Prominent Twitter crypto figures, such as @KongBTC, the trader as well as @otteroooo, the blockchain investigator, requested their fans to immediately withdraw their entire funds that are in the KuCoin exchange. They claimed that the crypto exchange might shortly stop every user from withdrawing any funds. 

The rumors further connected this potential intent with the collapse of 3AC and Terra. As per the warnings, these collapses caused a lot of suffering and damage to the crypto exchanged due to the collapsed token’s high exposure.

Lyu, not only dismissed the unfounded rumors via a recent tweet, but also pointed out that the company is in a fairly strong position after revealing that they had received $150Mn in funding recently. As such, the valuation of the company rose to $10Bn as of 2022 May. He further highlighted that KuCoin is presently looking to hire multiple personnel in various positions. As such, he asked the investors to judge the situation with their own heads, in the midst of the continuing doubt, uncertainty, and fear.

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Lyu further distanced the exchange from the rumors of insolvency, by sharing the H1 report of 2022 of the company containing their operations’ detailed information. He concluded by warning the people who are alleging that KuCoin will shut down services and unnecessarily making the investors panic.

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