KuCoin CEO Denies Insolvency Rumors and Exposure to LUNA, 3AC

The past few weeks have been particularly detrimental for the cryptocurrency industry as major market participants experienced massive challenges. One of the largest centralized lending platforms – Celsius – still hasn’t unpaused withdrawals, whereas leading cryptocurrency hedge fund – Three Arrows Capital – filed for bankruptcy.

Amid all this, rumors are running rampant on a daily basis and the latest to get under the radar was crypto exchange KuCoi.

• An anonymous Twitter account that’s gaining a lot of attention lately has recently urged users to withdraw funds from KuCoin immediately. Within hours, the tweet received hundreds of retweets and thousands of likes.
• On the other hand, CryptoPotato recently reported that the CEO of FTX – Sam Bankman-Fried – argued that there are “some third-tier exchanges that are already secretly insolvent.”
• Many industry participants started spreading the rumors and even though KuCoin is unlikely to be considered a “third-tier exchange,” people were speculating rampantly.
• The CEO of the exchange, Johny Lyu, took the opportunity to quickly dismiss those rumors and reiterate that KuCoin is operating as usual and even hiring more people.

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.

• The CEO also reiterated that they are “one of the few platforms that are still hiring,” while also saying that they recently raised $150 million at a $10 billion valuation just this May.

Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations.

For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. – Lyu added.