Cryptocurrency exchange KuCoin denies withdrawal rumors
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Answer Cryptocurrency exchange KuCoin denies withdrawal rumors
Cryptocurrency exchange KuCoin has refuted rumors that it will halt withdrawals on its platform due to the heavy losses it incurred due to the collapse of the digital currency LUNA.
Johnny Liu, CEO of KuCoin, broke his silence today and tweeted including:
Be aware of feelings of doubt and uncertainty FUD!
I am not sure who is spreading such rumors, and what their intentions are, but KuCoin has no exposure to LUNA, 3AC…
The KuCoin trading platform is working fine.
Instilling confidence among KuCoin users, Liu further explained that the cryptocurrency exchange recently completed a $150 million fundraising process in May 2022, raising the company’s valuation to $10 billion.
He also added that while many crypto exchanges have announced layoffs, KuCoin continues to grow with more hiring even in these critical market conditions.
Liu also threatened legal action against those trying to spread FUD and corrupt the company’s business.
He wrote on Twitter:
Transparency is always one of our core principles.
We will soon publish our Q1 2022 Review Report where you can learn more about our operations.
For FUDers who intentionally post unverified information, KuCoin reserves the right to take legal action.
Earlier, Sam Bankman, Fred, CEO of cryptocurrency exchange FTX, said that there are several deep-water exchanges that may file for bankruptcy very soon.
Read:Find out the number of failed transactions on the Ethereum blockchain in May 2022
At such times, investors should maintain the utmost caution and ensure that there is proper communication and transparency from the cryptocurrency exchange service providers associated with them.
Read also:
Crypto companies suffer … “Three Arrows Capital” files for bankruptcy and “Voyager Digital” suspends withdrawals
The European Union agrees to a tighter regulatory framework for the crypto space
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