Luna Crypto: KuCoin CEO Refutes Rumors, Citing “No Plan To Halt Withdrawal”

Terra (LUNA) Crypto and 3AC collapses, which according to the warnings, caused “immense anguish” for the exchange, were rumored to be connected to KuCoin’s intention to cease withdrawals.

iexclusivenews reports that KuCoin, a cryptocurrency exchange, became the topic of debate when a section of the Crypto Twitter community began alerting investors about an impending prohibition on money withdrawals.

However, iexclusivenews Nigeria reports that Johnny Lyu, the CEO of KuCoin, quickly shot down the unverified reports before they gained traction.

The trader @KongBTC and blockchain researcher @otteroooo, two well-known cryptocurrencies Twitter users, urged their followers to withdraw all of their cash from KuCoin while warning that the exchange would soon stop allowing withdrawals from all customers. 

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What You Need To Know

According to the warnings, Terra’s (LUNA) and 3AC’s collapse resulted in “immense anguish” for the exchange due to its huge exposure to the dropped tokens. Rumors connected KuCoin’s intention to restrict withdrawals with these events.

Lyu underlined the company’s solid position by revealing a recent $150 million fundraising, which set the company’s worth at $10 billion in May 2022, while dispelling the purported claims made through the aforementioned tweet.

He also mentioned that the business is presently hiring for a number of roles, urging investors to exercise their own judgment despite the continued FUD:

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“No “immense suffering” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.” 

KuCoin confirmed to provide the company’s 2022 H1 review report with complete details regarding their activities, further separating KuCoin from the insolvency rumors. Finally, he issued a caution to those who claim KuCoin has shut down services and caused investor panic:

“KuCoin reserves the right to take legal action against FUDers who intentionally spread unverified info. Don’t FUD, BUIDL. “ 

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Tether’s chief technical officer, Paolo Ardoino, recently said that hedge funds attempting to short-sell the crypto asset linked to the US dollar have launched a “coordinated attack” against the stablecoin Tether (USDT).

In addition to mentioning Tether’s recent promise to gradually reduce its exposure to commercial paper, Ardoino noted that the company is working with regulators and has improved its transparency efforts.