Crypto trade KuCoin discovered itself on the heart of debate when a sub-community of Crypto Twitter began warning traders about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was nonetheless fast to dismiss the unvetted rumors earlier than they picked up steam.
Prominent crypto figures on Twitter, together with dealer @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin whereas claiming that the trade could quickly cease all customers from withdrawing funds.
WITHDRAW FROM KUCOIN RIGHT NOW
Not a drill
no time for thread
like and retweet to unfold the message
otter hardly mistaken in such issues
— otteroooo (@otteroooo) July 2, 2022
Rumors linked KuCoin’s intent to cease withdrawals with Terra’s (LUNA) and 3AC collapse, which in accordance to the warnings, led to “immense suffer” for the trade owing to excessive publicity to the fallen tokens.
Be conscious of FUDs!
Not certain who’s spreading these sheer rumors, and what their intentions are, however #KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so on.
No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, every thing on KuCoin is working properly.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
While dismissing the supposed rumors by way of the above tweet, Lyu highlighted the corporate’s robust place by disclosing a current $150 million funding, which positioned the corporate’s valuation at $10 billion in May 2022. He additionally identified that the corporate is at present hiring for a number of positions, requesting traders to make their very own judgment amid the continuing FUD — worry, uncertainty and doubt:
“No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, every thing on KuCoin is working properly.”
Further distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the corporate’s 2022 H1 overview report with detailed details about their operations. Finally, he despatched out a warning to the folks accusing KuCoin of shutting down companies and creating panic amongst traders:
“For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL.”
Related: Tether CTO refutes stablecoin FUD as short-sellers circle
Tether chief expertise officer Paolo Ardoino not too long ago revealed that the stablecoin Tether (USDT) was topic to a “coordinated attack” by hedge funds wanting to short-sell the United States dollar-pegged crypto asset.
1/I’ve been open concerning the makes an attempt from some hedge funds that had been attempting to trigger additional panic available on the market after TERRA/LUNA collapse.It actually appeared from the start a coordinated assault, with a brand new wave of FUD, troll armies, clowns and so on. https://t.co/hhcsgHV1Ow
— Paolo Ardoino (@paoloardoino) June 27, 2022
Ardoino mentioned that Tether is collaborating with regulators and elevated transparency efforts, in addition to noting its current dedication to section out its industrial paper publicity.