Last Updated: 4 July 2022
KuCoin director, Johnny Lyu, denies the rumours of a withdrawal halt. According to the crypto exchange boss, the exchange has no exposure to the recent problem cases in the industry.
Lyu states that he does not know who is spreading these rumours.
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 suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
Good news show
The crypto industry is going through a rough patch. Several companies are on the verge of collapse. A combination of questionable business models and a declining market is causing unrest. Bitcoin experienced its worst quarter in 11 years.
One such company is the hedge fund Three Arrows Capital. The company has filed for bankruptcy. According to regulators in Singapore, the organisation also lied in their communications.
It is natural that rumours arise about other companies and the possible consequences in the industry. KuCoin throws in some more good news: the exchange recently raised $150 million in a recent investment round in May. That means an estimated value of $10 billion.
The executive also has a warning: “For FUDders who intentionally spread false information, KuCoin reserves the right to take legal action.”