KuCoin CEO dismisses rumours of insolvency and withdrawal bans

Johnny Ryo, CEO of the popular crypto exchange KuCoin twitter Condemn rumors stating the next ban on withdrawal due to the difficulty of the company’s bankruptcy. Executives have reassured users that KuCoin has not experienced a “coin crash” and has not been exposed to recently dropped tokens.

The rumor is Subcommunity Faced with liquidity issues in the suffering caused by high exposure to tokens like LUNA, we instructed investors to remove all funds from the exchange before banning withdrawals. With crypto Twitter. This was facilitated by prominent crypto Twitter figures, including @KongBTC and blockchain researcher @otteroooo.

Calling these rumors unverified attempts to incite fear, uncertainty, and suspicion, Lyu explained that KuCoin was not involved in LUNA, 3AC, Babel, or other recently collapsed tokens. ..

“There is no” great pain “due to the” coin collapse “and there are no plans to stop the withdrawal. Everything about KuCoin is working fine. “

Threatening the rumored merchant with legal action, the CEO pointed out that KuCoin completed a $ 150 million funding round in May 2022, valuing it to $ 10 billion. He said its firm position can also be seen in the increased activity in the bear market and the launch of new features.

Lyu further enhances KuCoin’s well-being by noting the fact that it is one of the few crypto companies to continue hiring in multiple positions despite the recent freeze on hiring on major exchanges like Coinbase. Established. He asked investors to rely on their own judgment and trust the company’s commitment to transparency in such FUDs.

The CEO also confirmed that KuCoin will soon share a review report for the first half of 2022 with more information about the business to dispel suspicions about bankruptcy.

Rumors about KuCoin arise in the story of a coordinated attack by a hedge fund trying to short tether to cause further panic after LUNA collapses.