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KuCoin CEO Quashes Rumours of FUD as its Exchange Might Halt Withdrawals

Godfrey Benjamin   Jul 04, 2022 06:55 2 Min Read


   

Over the weekend, the Chief Executive Officer of KuCoin Exchange Johnny Lyu allayed all Fears, Uncertainties, and Doubts (FUD) related to rumours spreading on Twitter as the trading platform may halt withdrawals due to the distress by the ongoing market meltdown in market.

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Talking to Twitter, Lyu said there is absolutely no plan to halt withdrawals and that, unlike the claims that the firm is having liquidity issues, it has no exposure to crypto projects and companies that are struggling at the moment including LUNA, and Three Arrows Capital (3AC) amongst others.

“Be aware of FUDs! Not sure who's spreading these sheer rumours, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc. No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well,” Lyu said in his short Twitter thread.

In a bid to further exert his stance that the exchange is faring well, the CEO shared the company’s milestones as the trying times the ecosystem is facing gain momentum. Lyu implied that the exchange has sufficient liquidity, going by its massive valuation of $10 billion following the $150 million raised back in May. 

KuCoin is more active in this bear market and comes off as one of the fear exchanges after Binance and BitGet which has announced plans to continually hire before the end of the year, Lyu added. Slamming those spreading unverified information, Lyu said the company’s performance report for the first quarter of the year will soon be released.

“Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. For FUDers who intentionally spread unverified info., KuCoin reserves the right to take legal action. Don't FUD, BUIDL,” he said.

Justifiably so, a lot of crypto-linked companies, including Three Arrows Capital (3AC), and Babel Finance are currently highly distressed currently.


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