Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals

Cryptocurrency alternate KuCoin has fully refuted rumors that instructed that them halting withdrawals on their platform owing to heavy losses suffered because of the LUNA collapse.

Johnny Lyu, the CEO of KuCoin has come out clear on the matter earlier at present. In one of his latest tweets, Lyu wrote:

Be conscious of FUDs! Not positive who’s spreading these sheer rumors, and what their intentions are, however KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so on. No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, all the pieces on KuCoin is working properly.

Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto alternate just 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 vital market situations.

Lyu has additional threatened authorized actions in opposition to these attempting to unfold the FUD and maligning the alternate. He wrote: “Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL”.

The Trouble with Crypto Exchanges

Well, the latest mayhem within the crypto area 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 mentioned that there are numerous such exchanges beneath deep water that may announce insolvencies very quickly. In such instances, buyers ought to keep utmost prudence and be certain that there’s correct communication and transparency from the crypto alternate service suppliers they’re related to.

Bhushan is a FinTech fanatic and holds 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 constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.