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On Saturday, Confederate soldier Lyu, Co-Founder and corporate executive of crypto exchange KuCoin, aforementioned that there was no ‘immense suffer’ from any ‘coin collapse’, no commit to halt withdrawal, which everything on KuCoin is working well. KuCoin, that was launched in September 2017, has its operational headquarters in Seychelles. It offers over 700 digital assets, and presently provides spot trading, margin trading, P2P prescript trading, futures trading, staking, and disposal to its eighteen million users in 207 countries and regions. In 2022, the corporate raised over $150 million in investments through a pre-Series B round, transferal total investments to $170 million with spherical A combined, at a complete valuation of $10 billion.
KuCoin is fast to dismiss the FUD
Lyu, who has been corporate executive of KuCoin since March 2020, took to Twitter earlier these days to fight rumors being unfolded by bound individuals on Crypto Twitter regarding his company being in money trouble.
Crypto exchange KuCoin found itself at the middle of dialogue once a sub-community of Crypto Twitter started warning investors about associate degree incoming ban on funds withdrawal. KuCoin CEO, Confederate soldier Lyu, was, however, quick to dismiss the unvented rumors before they picked up steam.
Distinguished crypto figures on Twitter, as well as bargainer @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin whereas claiming that the exchange might before long stop all users from retreating funds.
FUD all over within the pessimistic market
Rumors joined KuCoin’s intent to prevent withdrawals with the Terra and 3AC collapse, which, consistent with the warnings, led to immense suffer for the exchange as a result of high exposure to the fallen tokens. Whereas dismissing the supposed rumors through the higher than tweet, Lyu highlighted the company’s sturdy position by revealing a recent $150 million funding, that placed the corporate’s valuation at $10 billion in might 2022. He additionally identified that the company is presently hiring for multiple positions, requesting investors to form their own judgment amid the continuing FUD fear, uncertainty and doubt.
Further, distancing KuCoin removed from the financial condition rumors, Lyu confirmed to share the company’s 2022 H₁ review report with elaborate info regarding their operations. Finally, he sent out a warning to the people, accusatory KuCoin of movement down services and making panic among investors.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
