Abstract:
- KuCoin CEO, Johnny Lyu, has debunked rumors that the alternate will quickly pause withdrawals.
- In line with Mr. Lyu, KuCoin doesn’t have direct publicity to collapsed LUNA, Three Arrows Capital, or Babel Finance.
- He additional reassures that ‘every thing on KuCoin is working effectively.’
The CEO of KuCoin, Johnny Lyu, has refuted claims that the crypto alternate is experiencing liquidity points that might trigger it to pause withdrawals in a fashion much like Celsius Community.
Mr. Lyu additionally clarified that the crypto alternate has no publicity to collapsed LUNA, Three Arrows Capital, Babel Finance, or another crypto venture present process monetary woes as a result of ongoing crypto winter. He shared his insights into the present operations at KuCoin via the next Tweet.
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, every thing on KuCoin is working effectively.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
KuCoin is Dedicated to Being Clear.
KuCoin’s CEO went on to trace that the crypto alternate was financially steady on condition that it just lately completed a $150 million funding spherical in Might. He additionally identified that KuCoin is likely one of the few crypto exchanges nonetheless hiring amidst the crypto winter, and it has been extra energetic now in the course of the bear market by launching new options and merchandise.
As well as, he careworn KuCoin’s dedication to continuous transparency in its operations. He mentioned:
Being clear is all the time one in every of our key ideas.
We are going to quickly publish our 2022 H1 evaluate report the place you’ll be able to know extra about our operations.
For FUDers who deliberately unfold unverified data, KuCoin reserves the proper to take authorized actions. Don’t FUD, BUIDL.
Extra On the Rumors that KuCoin Was Bancrupt and Would Pause Withdrawals.
As talked about earlier, KuCoin’s CEO refuted rumors circulating on crypto-twitter that the crypto alternate would quickly pause withdrawals on account of its publicity to a number of the crypto initiatives and hedge funds which have collapsed on account of the crypto market drawdown.
Crypto group member @Ninjascalp chimed in on the state of affairs via the tweet beneath, questioning whether or not the alternate had lent Three Arrows Capital some cash. He was additionally searching for solutions about how a distinguished crypto alternate similar to KuCoin might go bancrupt.
Can somebody clarify to me, how does KuCoin go bancrupt?
did they lend cash to 3AC or one thing…
I imply how do you management “billions”, see retail positions and never have delta impartial hedge… looks like exit rip-off to me pic.twitter.com/f1CLBv7Ced
— Ninja (@Ninjascalp) July 1, 2022
Equally, crypto-community member @BuckleUpBrandon, questioned KuCoin CEO’s assertion that every thing is okay on the alternate. In line with @BuckleUpBrandon, reassuring feedback from executives often preceded the truth {that a} crypto venture is getting ready to collapse. He explained:
I don’t wanna be ‘The KuCoin FUD man’, however for what it’s value, actually each single platform mentioned this earlier than they went stomach up lol. I hope KuCoin is okay so I can return to buying and selling there, however for now I’m not depositing funds on their alternate any time quickly.
