Abstract:
- KuCoin CEO, Johnny Lyu, has debunked rumors that the alternate will quickly pause withdrawals.
- In response to Mr. Lyu, KuCoin doesn’t have direct publicity to collapsed LUNA, Three Arrows Capital, or Babel Finance.
- He additional reassures that ‘the whole lot on KuCoin is working nicely.’
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 way just like Celsius Community.
Mr. Lyu additionally clarified that the crypto alternate has no publicity to collapsed LUNA, Three Arrows Capital, Babel Finance, or every other crypto undertaking present process monetary woes as a result of ongoing crypto winter. He shared his insights into the present operations at KuCoin by way of the next Tweet.
Pay attention to 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 on.
No “immense endure” from any “coin collapse”, no plan to halt withdrawal, the whole lot 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 alternate was financially steady on condition that it 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 lively now throughout 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 all the time considered one of our key rules.
We’ll quickly publish our 2022 H1 assessment report the place you possibly can know extra about our operations.
For FUDers who deliberately unfold unverified information, KuCoin reserves the appropriate 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 neighborhood member @Ninjascalp chimed in on the scenario by way of 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 corresponding 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 the whole lot is okay on the alternate. In response to @BuckleUpBrandon, reassuring feedback from executives normally preceded the truth {that a} crypto undertaking 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 stated this earlier than they went stomach up lol. I hope KuCoin is ok so I can return to buying and selling there, however for now I’m not depositing funds on their alternate any time quickly.