Abstract:
- KuCoin CEO, Johnny Lyu, has debunked rumors that the trade 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 little thing on KuCoin is working nicely.’
The CEO of KuCoin, Johnny Lyu, has refuted claims that the crypto trade is experiencing liquidity points that might trigger it to pause withdrawals in a way much like Celsius Community.
Mr. Lyu additionally clarified that the crypto trade has no publicity to collapsed LUNA, Three Arrows Capital, Babel Finance, or another crypto challenge present process monetary woes because of the ongoing crypto winter. He shared his insights into the present operations at KuCoin by way of the next Tweet.
Pay attention to 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 so on.
No “immense undergo” from any “coin collapse”, no plan to halt withdrawal, every little thing on KuCoin is working nicely.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
KuCoin is Dedicated to Being Clear.
KuCoin’s CEO went on to trace that the crypto trade was financially steady provided that it lately completed a $150 million funding spherical in Could. He additionally identified that KuCoin is without doubt 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 confused KuCoin’s dedication to continuous transparency in its operations. He stated:
Being clear is at all times certainly one of 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 correct 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 trade would quickly pause withdrawals on account of its publicity to a number of the crypto tasks and hedge funds which have collapsed on account of the crypto market drawdown.
Crypto neighborhood member @Ninjascalp chimed in on the scenario by way of the tweet beneath, questioning whether or not the trade had lent Three Arrows Capital some cash. He was additionally searching for solutions about how a distinguished crypto trade resembling 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 as if 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 little thing is okay on the trade. In line with @BuckleUpBrandon, reassuring feedback from executives normally preceded the fact {that a} crypto challenge is getting ready to collapse. He explained:
I don’t wanna be ‘The KuCoin FUD man’, however for what it’s price, actually each single platform stated 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 trade any time quickly.