Cryptocurrency trade KuCoin has utterly refuted rumors that prompt 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 in the present day. In one in every of his latest tweets, Lyu wrote:
Concentrate on FUDs! Undecided who’s spreading these sheer rumors, and what their intentions are, however KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so forth. No “immense undergo” from any “coin collapse”, no plan to halt withdrawal, all the pieces on KuCoin is working nicely.
Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto trade lately completed its $150 million fundraising in Might 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 important market circumstances.
Lyu has additional threatened authorized actions in opposition to these making an attempt to unfold the FUD and maligning the trade. He wrote: “Being clear is all the time one in every of our key rules. We are going to quickly publish our 2022 H1 evaluate report the place you possibly can know extra about our operations. For FUDers who deliberately unfold unverified information, KuCoin reserves the proper to take authorized actions. Don’t FUD, BUIDL”.
The Bother with Crypto Exchanges
Properly, the latest mayhem within the crypto house and heavy corrections has uncovered a number of the market gamers who’ve been taking extreme leverage and going through a liquidity crunch. Even a number of the largest crypto lenders like BlockFi have been going through dire circumstances.
Sam Bankman-Fried, CEO of crypto trade FTX stated that there are lots of such exchanges beneath deep water which may announce insolvencies very quickly. In such instances, traders ought to preserve utmost prudence and be sure that there’s correct communication and transparency from the crypto trade service suppliers they’re related to.
The introduced content material could embody 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 accountability to your private monetary loss.