The crypto exchange KuCoin has unintentionally become a subject of discussion, as parts of the crypto community have now rumored on Twitter that the trading platform will also impose a withdrawal stop. KuCoin CEO Johnny Lyu was accordingly anxious to nip the rumors in the bud as much as possible.
Well-known voices from crypto Twitter such as the users @KongBTC and @otteroooo have recently urged their followers to withdraw all their funds from KuCoin as quickly as possible, as the crypto exchange is likely to impose a suspected stop for withdrawals in the near future.
WITHDRAW FROM KUCOIN RIGHT NOW
Not a drill
no time for thread
like and retweet to spread the message
otter hardly wrong in such matters
– otteroooo (@otteroooo) July 2, 2022
As a background for this possible step, an alleged connection between KuCoin and the failed crypto projects Terra and 3AC is mentioned, which in turn should have now led to the fact that the crypto exchange has also fallen into payment difficulties.
Be aware of FUDs!
Not sure who’s spreading these sheer rumors, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc.
No “immense suffering“ from any ”coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.
– Johnny_KuCoin (@lyu_johnny) July 2, 2022
KuCoin CEO Johnny Lyu vehemently contradicts these speculations and makes it clear that his trading platform has no connections to Terra (LUNA), 3AC, Babel Finance or other faltering projects. To further refute these claims, the CEO refers to a current financial injection of 150 million US dollars, which is said to have increased the enterprise value of KuCoin to a whopping 10 billion US dollars. Another sign of strength is that his company continues to hire new employees, while many other crypto companies are currently cutting jobs for cost reasons.
To this end, Lyu executes:
“We are not affected by the collapse of any projects, there are no plans for a withdrawal stop, the operation of KuCoin continues as normal.“
The CEO wants to provide the corresponding proof by disclosing the company report for the first half of 2022 soon. From this, users and observers could then extract all the relevant information about the state of the trading platform. In conclusion, however, Lyu not only leaves it with appeasement and apparent transparency, but also threatens to widen these speculations in the worst case with “legal steps”:
“To the scaremongers who deliberately spread this unconfirmed information, I say: KuCoin reserves the right to take legal action. Please stop this scaremongering.“
Tether CEO Paolo Ardoino recently announced that the market-leading stablecoin Tether (USDT) was also subjected to a “coordinated attack” by hedge funds who wanted to pull the US dollar stablecoin down with short positions.
1/
I have been open about the attempts from some hedge funds that were trying to cause further panic on the market after TERRA/LUNA collapse.
It really seemed from the beginning a coordinated attack, with a new wave of FUD, troll armies, clowns etc. https://t.co/hhcsgHV1Ow– Paolo Ardoino (@paoloardoino) June 27, 2022
In view of the current situation on the market, targeted attacks could also be behind the supposed “scaremongering” around some crypto projects, but it should nevertheless be noted that wavering companies are also defending themselves with all means against the impending loss of trust, which could further increase their problems.
For example, the crypto exchange Voyager Digital announced at the beginning of the week that its operation will continue as usual, only to impose a withdrawal stop a few days later.
