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

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Cryptocurrency exchange KuCoin found itself at the center of the discussion when the Crypto Twitter sub-community began warning investors about an incoming cash-out ban. However, Johnny Liu, CEO of KuCoin, was quick to dismiss the unverified rumors before they gained momentum.

Notable crypto figures on Twitter, including traderKongBTC and blockchain investigator, have asked their followers to withdraw all their funds from KuCoin with the claim that the exchange may soon prevent all users from withdrawing funds.

Rumors have linked KuCoin’s intention to halt withdrawals with Terra’s (LUNA) and the collapse of 3AC, which according to the warnings has caused the exchange to “extreme suffering” due to the massive exposure of the falling coin.

While dismissing the supposed rumors through the above tweet, Liu highlighted the company’s strong position by revealing a recent $150 million financing, which put the company’s valuation at $10 billion in May 2022. He also noted that the company is currently hiring for multiple positions. Asking Investors to Make Their Own Judgment Amid Fear, Uncertainty and Doubt:

There is no ‘colossal suffering’ from any ‘coin collapse’, no plan to stop withdrawals, everything on KuCoin is working fine.
Away from the rumors of bankruptcy, Lyu confirmed that the company’s review report for 2022 H1 has been shared with detailed information about its operations. Finally, he sent a warning to people accusing KuCoin of shutting down services and causing panic among investors:

“For FUDers who have knowingly published unverified information, KuCoin reserves the right to take legal action. Don’t panic, BUIDL.”
Related Topics: Tether CTO refutes stable FUD as short sellers circle

Tether chief technology officer Paolo Ardoino recently revealed that the Tether stablecoin (USDT) has been subjected to a “coordinated attack” by hedge funds looking to short a US dollar-pegged crypto asset.

Ardoino said Tether is cooperating with regulators and increasing its transparency efforts, as well as noting its recent commitment to phase out its commercial paperwork.

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