Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals

    Cryptocurrency alternate KuCoin has utterly refuted rumors that advised that them halting withdrawals on their platform owing to heavy losses suffered as a result of LUNA collapse.

    Johnny Lyu, the CEO of KuCoin has come out clear on the matter earlier at present. In one of his current tweets, Lyu wrote:

    Be conscious of FUDs! Not certain 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 suffer” from any “coin collapse”, no plan to halt withdrawal, all the pieces on KuCoin is working properly.

    Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto alternate just lately completed its $150 million fundraising in May 2022 taking the corporate valuation to $10 billion. He additionally added that whereas many crypto exchanges have introduced layoffs, KuCoin continues to develop with extra hiring even in these essential market circumstances.

    Lyu has additional threatened authorized actions towards these attempting to unfold the FUD and maligning the alternate. He wrote: “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 actions. Don’t FUD, BUIDL”.

    The Trouble with Crypto Exchanges

    Well, the current mayhem within the crypto area and heavy corrections has uncovered some of the market gamers who’ve been taking extreme leverage and dealing with a liquidity crunch. Even some of the most important crypto lenders like BlockFi have been dealing with dire circumstances.

    Sam Bankman-Fried, CEO of crypto alternate FTX stated that there are lots of such exchanges beneath deep water which may announce insolvencies very quickly. In such instances, buyers ought to preserve utmost prudence and be sure that there’s correct communication and transparency from the crypto alternate service suppliers they’re related to.

    Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.

    The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.

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