KuCoin CEO Refutes Insolvency Rumors And Exposure to 3AC, LUNA
KuCoin CEO Johny Lyu refutes all insolvency rumors that the exchange will pause withdrawals or had exposure to LUNA, 3AC.
Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter began warning investors about an impending ban on funds withdrawal. However, KuCoin CEO Johnny Lyu was quick to refute the unvetted rumors before they heated up.
Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.
Rumors linked KuCoin’s intent to stop withdrawals with the Terra and 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange owing to high exposure to the fallen tokens.
While dismissing the supposed rumors through the above tweet, Lyu highlighted the company’s strong position by disclosing a recent $150 million funding, which placed the company’s valuation at $10 billion in May 2022. He also pointed out that the company is currently hiring for multiple positions, requesting investors to make their own judgment amid the ongoing FUD — fear, uncertainty and doubt:
“No ‘immense suffer’ from any ‘coin collapse,’ no plan to halt withdrawal, everything on KuCoin is operating well.”
Further distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the company’s 2022 H1 review report with detailed information about their operations. Finally, he sent out a warning to the people accusing KuCoin of shutting down services and creating panic among investors:
“For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL.”
Tether CTO Paolo Ardoino recently disclosed that the stablecoin Tether (USDT) was under a “coordinated attack” by hedge funds looking to short-sell crypto assets pegged to the U.S. dollar.
Ardoino said that Tether is working with regulators and increased transparency efforts, noting its recent commitment to phase out its commercial paper exposure.