Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals

Cryptocurrency alternate KuCoin has utterly 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 one of his current tweets, Lyu wrote:

Be conscious of FUDs! Not certain who’s spreading these sheer rumors, and what their intentions are, however KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and many others. No “immense undergo” from any “coin collapse”, no plan to halt withdrawal, every little thing on KuCoin is working properly.

Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto alternate lately completed its $150 million fundraising in May 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 situations.

Lyu has additional threatened authorized actions in opposition to these making an attempt to unfold the FUD and maligning the alternate. He wrote: “Being clear is at all times one of our key ideas. We will quickly publish our 2022 H1 assessment report the place you’ll be able to know extra about our operations. For FUDers who deliberately unfold unverified data, KuCoin reserves the precise to take authorized actions. Don’t FUD, BUIDL”.

The Trouble with Crypto Exchanges

Well, the current mayhem within the crypto house and heavy corrections has uncovered some of the market gamers who’ve been taking extreme leverage and going through a liquidity crunch. Even some of the most important crypto lenders like BlockFi have been going through dire situations.

Sam Bankman-Fried, CEO of crypto alternate FTX stated that there are numerous such exchanges beneath deep water which may announce insolvencies very quickly. In such instances, buyers ought to preserve utmost prudence and be sure that there’s correct communication and transparency from the crypto alternate service suppliers they’re related to.

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.