KuCoin chief refutes rumors of insolvency

The KuCoin cryptocurrency exchange does not plan to halt user withdrawals and is not experiencing balance issues. This was stated by KuCoin CEO Johnny Liu.

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

«Берегитесь FUD! I’m not sure who is spreading these hollow rumors, and what their intentions are, but KuCoin has nothing to do with LUNA, 3AC, Babel Finance and others. No “huge suffering” from any “coin collapse”, no plans to halt withdrawals, everything at KuCoin is operating normally», — wrote Liu.

Earlier online, rumours circulated about insolvency. Some influencers reported delays in processing withdrawal requests and advised users to transfer assets to other platforms.

Started a withdrawal about an hour ago.
Still ‘processing’.

Usually the withdrawals take less than 5 minutes…

This is no joke.

— Kong Trading 🦍 (@KongBTC) July 1, 2022

According to Liu, KuCoin has enough funds on the balance sheet to weather the crisis, since in May 2022 the platform raised $150 million at a $10 billion valuation.

He noted that the company continues to hire new staff and is launching bear-market–oriented tools such as fiat pairs and OCO-orders.

Liu stressed that the exchange would publish its first-half 2022 financial report soon. He also said that KuCoin “reserves the right to pursue legal action” against individuals who spread “unverified information”.

Earlier, FTX chief Sam Bankman-Fried warned of “hidden insolvency” of some third-tier Bitcoin exchanges.

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