Rumors have been circulating that KuCoin plans to stop withdrawal with the Terra (LUNA) and the 3AC collapse which led to serious suffering of the exchange according to the reports.
A small crypto community on Twitter made KuCoin exchange the subject of discussion when they started warning investors about an impending ban on funds withdrawal. CEO KuCoin exchange Johnny Lyu was quick to respond and dismiss the rumor before it spreads.
@KongBTC and blockchain investigator @otteroooo and another well-known figure on Twitter asked their followers to withdraw their assets from KuCoin claiming that the exchange may stop users from withdrawing funds soon.
See the tweet below:
WITHDRAW FROM KUCOIN RIGHT NOW
Not a drill
no time for thread
like and retweet to spread the message
otter hardly wrong in such matters
— otteroooo (@otteroooo) July 2, 2022
See Johnny Lyu’s tweet where he debunked the rumor below:
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.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
The CEO while dismissing the rumor on his Twitter page made a stand on the company’s strength by disclosing a recent $150 million funding which recently placed the company’s value at $10 billion in May 2022. Also, he made it known that the company is currently hiring for different positions asking investors to research and make their own judgment on Fear, Uncertainty, and Doubt (FUD).
“No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”
Furthermore, in a bid to distance the company from the ongoing rumor, he also confirmed he will be sharing the company’s 2022 H1 report with comprehensive information about the company’s operations. Finally, he made sure to send out warning to the perpetuators of the rumors that KuCoin will be shutting down soon.
“For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL.”
Paolo Ardoino – Tether’ chief technology officer, recently made it known that the stablecoin Tether (USDT) was facing a “coordinated attack” by hedge funds aiming to short-sell the U.S. dollar-pegged crypto asset.
I have been open about the attempts from some hedge funds that were trying to cause further panic on the market after TERRA/LUNA collapse.
It really seemed from the beginning a coordinated attack, with a new wave of FUD, troll armies, clowns etc. https://t.co/hhcsgHV1Ow
— Paolo Ardoino 🍐 (@paoloardoino) June 27, 2022
He stated that Tether is partnering with regulators, also reminding its recent promise to phase out its commercial paper exposure.