HomeCryptoKuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal” |...

KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal” | NEWSRUX

Crypto trade KuCoin discovered itself on the middle of debate when a sub-community of Crypto Twitter began warning buyers about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was nonetheless fast to dismiss the unvetted rumors earlier than they picked up steam.

Outstanding crypto figures on Twitter, together with dealer @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin whereas claiming that the trade could quickly cease all customers from withdrawing funds.

Rumors linked KuCoin’s intent to cease withdrawals with Terra’s (LUNA) and 3AC collapse, which based on the warnings, led to “immense endure” for the trade owing to excessive publicity to the fallen tokens.

Whereas dismissing the supposed rumors via the above tweet, Lyu highlighted the corporate’s sturdy place by disclosing a latest $150 million funding, which positioned the corporate’s valuation at $10 billion in Might 2022. He additionally identified that the corporate is presently hiring for a number of positions, requesting buyers to make their very own judgment amid the continuing FUD — concern, uncertainty and doubt:

“No “immense endure” from any “coin collapse”, no plan to halt withdrawal, all the things on KuCoin is working effectively.”

Additional distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the corporate’s 2022 H1 overview report with detailed details about their operations. Lastly, he despatched out a warning to the folks accusing KuCoin of shutting down companies and creating panic amongst buyers:

“For FUDers who deliberately unfold unverified data, KuCoin reserves the correct to take authorized actions. Do not FUD, BUIDL. ”

Associated: Tether CTO refutes stablecoin FUD as short-sellers circle

Tether chief know-how officer Paolo Ardoino lately revealed that the stablecoin Tether (USDT) was topic to a “coordinated assault” by hedge funds seeking to short-sell the US dollar-pegged crypto asset.

Ardoino mentioned that Tether is collaborating with regulators and elevated transparency efforts, in addition to noting its latest dedication to part out its business paper publicity.