KuCoin CEO Dispels FUD Speculation That Its Exchange May Stop Withdrawals

Over the weekend, Johnny Lyu, the Chief Executive Officer of KuCoin Exchange, allayed all Fears, Uncertainties, and Doubts (FUD) connected to allegations floating on Twitter that the trading platform may block withdrawals owing to the market's continued meltdown.

Lyu stated on Twitter that there is no plan to restrict withdrawals and that, contrary to allegations that the firm is experiencing liquidity challenges, it has no exposure to crypto projects and organizations that are now struggling, such as LUNA and Three Arrows Capital (3AC), among others.

“Be aware of FUDs! Not sure who's spreading these sheer rumours, 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,” Lyu said in his short Twitter thread.

In order to bolster his case that the exchange is doing well, the CEO presented the company's milestones as the ecosystem's difficult times gain traction. Lyu claimed that the exchange has enough liquidity based on its huge valuation of $10 billion after raising $150 million in May.

KuCoin is more active in this bear market and appears to be one of the fear exchanges after Binance and BitGet, both of which have stated plans to hire continuously before the end of the year, according to Lyu. Lyu, who slammed people disseminating false information, said the company's first-quarter performance report would be revealed soon.

“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 action. Don't FUD, BUIDL,” he said.

To be sure, many crypto-related organizations, including Three Arrows Capital (3AC) and Babel Finance, are in a state of distress.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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