Johnny Lyu, the CEO of KuCoin, has waded off rumors that had been brewing concerning the solvency of the popular crypto exchange. According to unfounded rumors on Twitter, the exchange was on the brink of bankruptcy and may end up instituting a withdrawal ban.
KuCoin’s CEO took to his Twitter page to dispel the rumor, stating that the company was not suffering from any insolvency issue and it had no intention of banning withdrawal. He disclosed that the popular crypto exchange did not suffer from any “coin crash”. In the tweet, he also noted that KuCoin was not linked to any of the embattled tokens.
“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.”
In the past few days, the rumor has spread through the crypto Twitter community, with some folks advising users to withdraw their funds from exchanges like KuCoin because of their impending withdrawal ban. These rumors claim that KuCoin was linked to fallen tokens such as LUNA and 3AC.
KuCoin CEO, Johnny Lyu, has tried to disperse the rumor, threatening lawsuits against those that are spreading it. This comes after KuCoin raised $150 million and had a valuation of $10 billion.
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