Sunday, May 19, 2024

KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal”

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Crypto change KuCoin discovered itself on the middle of dialogue when a sub-community of Crypto Twitter began warning traders about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was nonetheless fast to dismiss the unvetted rumors earlier than they picked up steam.

Distinguished crypto figures on Twitter, together with dealer @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin whereas claiming that the change could quickly cease all customers from withdrawing funds.

Rumors linked KuCoin’s intent to cease withdrawals with Terra’s (LUNA) and 3AC collapse, which in accordance to the warnings, led to “immense endure” for the change owing to excessive publicity to the fallen tokens.

Whereas dismissing the supposed rumors by the above tweet, Lyu highlighted the corporate’s robust place by disclosing a latest $150 million funding, which positioned the corporate’s valuation at $10 billion in Could 2022. He additionally identified that the corporate is at the moment hiring for a number of positions, requesting traders to make their very own judgment amid the continuing FUD — concern, uncertainty and doubt:

“No “immense endure” from any “coin collapse”, no plan to halt withdrawal, all the things on KuCoin is working effectively.”

Additional distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the corporate’s 2022 H1 evaluate report with detailed details about their operations. Lastly, he despatched out a warning to the individuals accusing KuCoin of shutting down providers and creating panic amongst traders:

“For FUDers who deliberately unfold unverified data, KuCoin reserves the precise to take authorized actions. Do not FUD, BUIDL.”

Associated: Tether CTO refutes stablecoin FUD as short-sellers circle

Tether chief know-how officer Paolo Ardoino not too long ago revealed that the stablecoin Tether (USDT) was topic to a “coordinated assault” by hedge funds wanting to short-sell the USA dollar-pegged crypto asset.

Ardoino mentioned that Tether is collaborating with regulators and elevated transparency efforts, in addition to noting its latest dedication to part out its business paper publicity.