Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals

Cryptocurrency change KuCoin has utterly refuted rumors that steered 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 right this moment. In one among his latest tweets, Lyu wrote:

Concentrate on FUDs! Unsure 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 endure” from any “coin collapse”, no plan to halt withdrawal, the whole lot on KuCoin is working properly.

Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto change 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 situations.

Lyu has additional threatened authorized actions in opposition to these making an attempt to unfold the FUD and maligning the change. He wrote: “Being clear is all the time one among our key rules. 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 information, KuCoin reserves the best to take authorized actions. Don’t FUD, BUIDL”.

The Hassle with Crypto Exchanges

Nicely, the latest mayhem within the crypto house and heavy corrections has uncovered among the market gamers who’ve been taking extreme leverage and dealing with a liquidity crunch. Even among the largest crypto lenders like BlockFi have been dealing with dire situations.

Sam Bankman-Fried, CEO of crypto change FTX mentioned that there are a lot of such exchanges beneath deep water which may announce insolvencies very quickly. In such occasions, buyers ought to keep utmost prudence and be certain that there’s correct communication and transparency from the crypto change service suppliers they’re related to.

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s 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 expertise.

The introduced content material might embody the private 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.