August 8, 2022

Johnny Lyu, the CEO of KuCoin, has shot down rumors of withdrawal points and insolvency on the agency, saying that “every thing on KuCoin is working properly.”

Lyu made the assertion after numerous Crypto Twitter (CT) accounts started speculating concerning the monetary wellbeing of the agency. Twitter person Otteroooo was among the many profiles recommending that customers withdraw all of their funds instantly.

“WITHDRAW FROM KUCOIN RIGHT NOW,” tweeted Otteroooo in all caps.

Whereas a pseudonymous anthropomorphic otter wouldn’t historically be thought of a supply of trusted monetary data or recommendation, in crypto the foundations are sometimes completely different. Otteroooo’s credibility acquired a lift final month after they led the decision for customers to exist Celsius. Days later, Celsius suspended withdrawals, leaving prospects excessive and dry.

Otteroooo’s feedback adopted a declare from the account Miles Deutscher that KuCoin was uncovered to the collapse of Luna.

“Listening to some rumors that KuCoin might be halting withdrawals within the close to future,” mentioned Deutscher on Friday. “Apparently they “suffered immensely” from the $LUNA collapse. When you’ve got funds on KuCoin, take into account withdrawing them. In any case, it’s higher to be protected than sorry given current occasions.”

KuCoin hits again

Rumors of liquidity points can develop into a self-fulfilling prophecy, as concern out there spreads. KuCoin CEO Johnny Lyu robustly responded to the rumors to quell any fears.

Taking to Twitter on Saturday, Lyu said: “Concentrate on FUDs! Unsure who’s spreading these sheer rumors, and what their intentions are, however #KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so forth. No “immense undergo” from any “coin collapse”, no plan to halt withdrawal, every thing on KuCoin is working properly.”

See also  FTX CEO Sam Bankman-Fried Buys 7.6% Stake in Robinhood Markets; Sends Shares Surging

Lyu went on so as to add, “Some current info about #KuCoin and you may make your personal judgment:

– We completed $150 M fundraising at $10B valuation in Could

– We’re one of many few platforms which can be nonetheless hiring

– We’re extra lively within the bear market, launching new options like OCO order, fiat pair…”

One other market analyst who plies their commerce on CT backed Lyu. FatManTerra acknowledged that there was no actual proof to recommend KuCoin was in any explicit problem.

“The KuCoin rumors are precisely that – rumors,” mentioned FatManTerra. “They’re all stemming from one supply of doubtful credibility – I’ve requested round and there’s no actual proof for any of it. Normally, in all probability value de-risking from *all* exchanges, however nothing KuCoin-specific but IMO.”

Enjoyable and video games?

With the market in a state of turmoil and numerous main corporations in bother, now’s the right time for large gamers and whales to hunt to affect the market. Whether or not rumors about KuCoin are to be believed or not, spreading concern, uncertainty and doubt is a worthwhile endeavor for these on the prime.

Simply weeks in the past Bancor suspended its flagship impermanent loss prevention function suggesting {that a} fellow DeFi undertaking was trying to destabilize them for revenue.

Because the crypto winter deepens, crypto customers ought to brace themselves for a rise in rumors and different chicanery as crypto whales try and develop into even richer.

Disclaimer

All the knowledge contained on our web site is printed in good religion and for normal data functions solely. Any motion the reader takes upon the knowledge discovered on our web site is strictly at their very own threat.

See also  Japanese Bank Launches Digital Asset Joint Venture With Crypto Exchange